In an exchange filing on Monday, Manappuram informed that its board will meet on Thursday, March 20, to discuss a fund raising proposal. The funds could be raised through the issue of equity shares, warrants or other securities that could be converted into equity shares of the company.
The fund raising could also be done through debt securities through a preferential issue on a private placement basis, through a Qualified Institutional Placement (QIP) or through a rights issue or via any other method prescribed as per law.
Manappuram’s exchange notification also stated that other business matters will be considered during the board meet, without specifying the details.
Shares of Manappuram have been in focus over the last few weeks after reports in the Economic Times have suggested that private equity firm Bain Capital is nearing a deal to acquire a controlling stake in the company.
The agreement could involve infusion of fresh capital from Bain and a secondary share sale by promoters, that could increase Bain’s stake in Manappuram to 46%.
At the end of the December quarter, promoters of Manappuram had a 35% stake in the company.
Shares of Manappuram have gained 11.4% over the last one month and are trading close to their 52-week high of ₹230.
However, it must be noted that the stock continues to remain in the F&O ban, which means no new positions can be created in the stock.
