Manappuram Finance lets in fairness infusion as much as Rs 150 crore in Asirvad Micro Finance

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Manappuram Finance allows equity infusion up to Rs 150 crore in Asirvad Micro Finance


The Board of Administrators authorized fairness infusion as much as Rs 150 Cr in its subsidiary Asirvad Micro Finance Ltd, which has paid up capital of Rs 42.56 crore with a turnover of Rs 437.25 crore.

twitter-logo PTI        Ultimate Up to date: November 8, 2018  | 09:12 IST

Manappuram Finance on Wednesday mentioned its board has authorized 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, authorized 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 a turnover of Rs 437.25 crore (as of March 2018), the submitting added.

The capital infusion is a comparable celebration transaction and will likely be made at arm’s duration, it mentioned.

Asirvad operates within the microfinance sector. The capital infusion will facilitate in trade enlargement of the subsidiary. Being the biggest trade, after gold loans, microfinance is strategically vital to the corporate, Manappuram Finance added.

The corporate additionally mentioned no governmental/regulatory approvals are required for the proposed capital infusion and the time frame for the transaction will likely be 5 months.

Asirvad is an NBFC (non-banking finance corporate) included on August 29, 2007, with registered place of business in Chennai.

It was once arrange through its provide Managing Director S V Raja Vaidyanathan. In February 2015, Manappuram Finance got 85 in keeping with cent stake in Asirvad and therefore higher it to 92.30 in keeping with cent.

It had Property below Control (AUM) of Rs 2,728.94 crore as on September 30, 2018.



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