The Board of Directors of Manappuram Finance at their meeting dated September 23, 2022 accepted the right issue proposal of Asirvad Micro Finance Limited, Subsidiary of the Company. The Company is entitled to purchase 90,96,333 number of shares having face value Rs. 10.00 per share for Rs. 268 per share including a premium of Rs. 258.00 per share. The total issue size is 93,28,358 shares The Last date of acceptance of the offer is September 28, 2022. The Board approved subscription to rights issue upto 93,28,358 having value of Rs. 250 Crore (approx..), in case of renunciation available.
Asirvad Micro Finance Limited (Asirvad); Paid Up Capital Rs. 53,31,18,870, Turnover as at March 2022, Turnover as at June 2022 is Rs. 360.64Cr.
Asirvad Microfinance was formed with the intention of providing financial access to the underserved through the formation of a commercialy viable business which was incorporated under The Companies Act,1956 on 29th Aug 2007. Asirvad Microfinance Limited became subsidiary company of Manappuram Finance Limited in the Financi al Year 2014-15 after Manappuram acquired controlling stake of 85.03% in equity. Post acquisition Manappuram had periodically subscribed rights issue and infused equity in FY 2016-17 and FY 2017-18 and FY 2018-19.