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Manappuram Finance is set to raise up to INR 10 billion through a two-year bond issue, including a greenshoe option of INR 5 billion. The company has invited coupon and commitment bids, with the final rate to be decided through the bidding process scheduled later in the day. The proposed bonds are expected to be rated AA by Crisil. The fundraising reflects the company's continued use of debt markets to support its lending activities and maintain diversified funding sources.
Manappuram Finance is preparing to raise up to INR 10 billion through a bond issuance with a tenure of two years, according to bankers familiar with the transaction. The proposed fundraising includes a base issue of INR 5 billion and a greenshoe option of an additional INR 5 billion, which may be exercised depending on investor demand. Advertisement
The non-banking finance company has invited bids for both the coupon and commitment levels, with the bidding process scheduled to take place later in the day. The coupon rate for the bonds has not yet been finalised and will be determined through the bidding process.
The bonds are expected to carry an AA credit rating from Crisil, indicating a high degree of safety regarding timely servicing of financial obligations. The company did not provide an immediate response to queries seeking comment on the proposed issue.
Manappuram Finance has been a regular participant in the domestic debt market, using bond issuances to support its lending operations, including gold loans and other retail credit segments. The latest proposed issue comes amid continued reliance by non-bank lenders on bond markets to diversify funding sources and manage borrowing costs in a stable interest rate environment.
Source Reuters
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