Capital markets regulator -- the Securities and Exchange Board of India (SEBI) has kept in ‘abeyance’ the proposed Rs 1,500 crore Initial Public Offering (IPO) of Manappuram Finance’s subsidiary -- Asirvad Micro Finance. Without disclosing the reason, SEBI said ‘issuance of observations (has been) kept in abeyance’ with regard to the IPO of Asirvad Micro Finance.
Asirvad Micro Finance had filed preliminary papers with SEBI in October 2023 to garner Rs 1,500 crore through an IPO. As per the draft red herring prospectus (DRHP), the public issue was purely a fresh issue of equity shares with no offer for sale (OFS) component. Going by the draft papers, proceeds from the issue were proposed to be used to augment the capital base of the company to meet future business requirements.
Asirvad Micro Finance, which began its journey in 2008 with just two branches in Tamil Nadu, has expanded its reach across India over the years. It has a presence across 22 states and 4 Union Territories through a network of 1,684 branches as on March 31, 2023.
Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.
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Shriram Finance | 2929.05 |
Aditya Birla Capital | 189.95 |
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Mah & Mah Finl. Serv | 265.20 |
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