Manappuram Finance mulls options to raise funds via borrowings

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November 28, 2020 12:15 AM

The Kerala-based lender has reported a good growth in its gold loan portfolio, with consolidated assets under management increasing 18.6% year-on-year to Rs 26,902.73 crore.

The lender in a regulatory filing with the exchanges said the company may consider and approve issuances of debt securities during December.The lender in a regulatory filing with the exchanges said the company may consider and approve issuances of debt securities during December.

NBFC Manappuram Finance on Friday said it is considering various options for raising funds through borrowings for expansion of business.

The Kerala-based lender has reported a good growth in its gold loan portfolio, with consolidated assets under management increasing 18.6% year-on-year to Rs 26,902.73 crore.

The lender in a regulatory filing with the exchanges said the company may consider and approve issuances of debt securities during December.

Based on the prevailing market conditions, the board of directors may consider and approve issuances of various debt securities in onshore or offshore securities market by public issue on a private placement basis, or through issuing commercial papers, the company said.

Average borrowing costs for the standalone entity declined 26 basis points during the second quarter to 9.13%.

The lender, which operates a home loan, microfinance and commercial vehicle leasing subsidiary, has reported a standalone net profit of Rs 405.56 crore in the gold loan business, compared with Rs 336.17 crore in the year-ago period.

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