Manappuram Finance on Wednesday mentioned its board has licensed fairness infusion of as much as Rs 150 crore in its arm Asirvad Micro Finance.
“The Board of Administrators at their assembly dated November 6, 2018 licensed fairness infusion as much as Rs 150 cr in its subsidiary Asirvad Micro Finance Ltd(Asirvad),” Manappuram Finance mentioned in a BSE submitting.
Asirvad Micro Finance has paid up capital of Rs 42.56 crore with turnover of Rs 437.25 crore (as at March 2018), the submitting added.
The capital infusion is a similar birthday celebration transaction and shall be made at fingers period, it mentioned.
Asirvad operates within the micro finance sector. The capital infusion will facilitate in industry expansion of the subsidiary. Being the biggest industry, after gold loans, micro finance is strategically essential to the corporate, Manappuram Finance added.
The corporate additionally mentioned no governmental/regulatory approvals are required for the proposed capital infusion and the period of time for the transaction shall be 5 months.
Asirvad is an NBFC (non-banking finance corporate) included on August 29 2007 with registered place of business in Chennai.
It used to be arrange by means of its provide Managing Director S V Raja Vaidyanathan. In February 2015, Manappuram Finance received 85 in line with cent stake in Asirvad and therefore higher it to 92.30 in line with cent.
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