Manappuram Finance's arm Asirvad Microfinance is likely to hit the D-Street with an IPO soon. The microfinance firm started its journey in Tamil Nadu and was incorporated under the Companies Act, 1956 on August 29, 2007. It was acquired by Manappuram Finance in February 2015.
It engages in providing MFI loans such as Income generating program (IGP) loan, Product loan, MSME loan and Gold loan.
Asirvad obtained an NBFC licence from the RBI on December 14, 2007 and the first lending operations began with effect from January 21, 2008. As Manappuram took over the company, the portfolio touched Rs 1000 crore AUM. The acquisition helped the microfinance institution to get better access to bank finance at significantly lower costs and drove its rapid expansion to other major geographies.
Also read: Manappuram Finance arm Asirvad MF prepares for Rs 1,500-crore IPO
Today, the company has a pan India presence with 1,684 branches across 391 districts of 22 states and 3 UTs.
According to its FY22-23 annual report, Asirvad Microfinance has an AUM ( assets under management) of Rs 10,040.89 crore and a PAT ( profit after tax) of Rs 218.13 crore ( as compared to Rs 15 crore in FY 21-22).
The firm has 3.2 mn borrowers, 15,784 employees with total disbursements of Rs 19,248 crore.
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