Manappuram Finance share price gained in early trade on March 18 ahead of its board meeting on March 20 to consider the fundraise.
A meeting of the board of directors of the company is scheduled to be held on Thursday, March 20, 2025 to consider and evaluate a proposal for raising of funds, the company has said.
Funds will be raise "...by way of issue of one or more instrument/securities including equity shares, warrants or other securities convertible into equity shares of the Company or debt securities by way of preferential issue on a private placement basis, qualified institutional placement, rights issue or any other methods or combinations thereof as may be considered appropriate, subject to such regulatory/ statutory approvals as may be required including the approval of the members of the Company."
Shares of Manappuram Finance Ltd gained over 2 percent in early trade. However, the stock soon pared its gain to trade in red at around 10 AM.
The company had reported a weaker-than-expected December quarter earnings due to stress in its microfinance business. The consolidated net profit declined to Rs 282 crore in Q3FY25, while bad loans and provisions from its microfinance arm surged fourfold to Rs 473 crore.
Manappuram’s gold loan portfolio, which makes up 75 percent of its total revenue, jumped 17 percent, benefiting from record-high gold prices.
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