Manappuram Finance is in the news after the promoter picked up over 10 lakh shares from the open market taking their stake to 28.34 percent. In an interview to CNBC-TV18, VP Nandakumar, MD & CEO of Manappuram General Finance spoke at length about the same and also about stake sale.
Nandakumar said that stake sell spread in the market was absolutely false news. I do not intent to exit., he added.
He further said that we may look at paring stake at an appropriate stage.
Talking about business, he said the loan growth may be 5-10 percent in second half of FY18.
Non-performing asset (NPA) level for loans will be below 1 percent post December, he mentioned.
He added that collections are more than 99 percent and assets under management (AUM) growth are stable now.
Watch accompanying video for more details.
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