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Manappuram Finance raises Rs 2,100 crore
Manappuram Finance on Tuesday said it has raised $300 million (around Rs 2,100 crore) from international markets, which will be used for onward lending and other activities as permitted by the RBI and extant guidelines for external commercial borrowings.
New Delhi: Manappuram Finance on Tuesday said it has raised $300 million (around Rs 2,100 crore) from international markets, which will be used for onward lending and other activities as permitted by the RBI and extant guidelines for external commercial borrowings.
This is the first issuance by the company in the global bond market, tapping investors in Asia and Europe, Middle East and Africa (EMEA), said Manappuram Finance, a NBFC engaged in providing finance against used household gold ornaments.
The fund has been raised by way of senior secured fixed rate notes issuance for a three-year tenor. The issue was placed with a coupon of 5.90 per cent.
In a statement Manappuram Finance MD and CEO V P Nandakumar said the success of the issue and its "attractive pricing" enables the company to further diversify the funding sources.
UBS AG Singapore Branch acted as Global Coordinator. UBS and Barclays Bank PLC acted as joint book runner for the issue.
The company said it had engaged extensively with investors during a roadshow across Singapore, Hong Kong, and London.
