Baring India PE buys 5.94% stake in Manappuram Finance

The private equity firm bought about 5 crore shares of Manappuram Finance from the open market, the gold finance company informed the BSE.

Shares of the Manappuram Finance today closed at Rs 27.15, up 10.37% on the BSE.

At today's closing price, Baring India picked up stake in Manappuram Finance for about Rs 136 crore.

Meanwhile, rating agency Brickwork Ratings today said it has reaffirmed its "BWR AA-"(pronounced BWR Double A minus) for Manappuram Finance's non-convertible debentures issue of Rs 750 crore and Rs 100 crore.

Manappuram Finance was established in 1992 in Thrissur (Kerala). It is a non-deposit taking NBFC and is mainly engaged in providing retail advances against bullion asset collaterals, in the form  of household used jewellery. MFL had 2,908 branches across India at the end of FY12.

The company is having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.