Manappuram Finance To Raise Rs 400 Cr Through CP
Manappuram General Finance And Leasing Ltd, the flagship company of Kerala based Manappuram Group will raise upto Rs 400 through commercial papers. The company has already raised Rs 125 cr from banks and mutual funds. It plans to raise the rest of the amount by the end of this fiscal year.
India's largest and highest rated gold loan company received FDI of Rs 140.75 cr in the last fiscal from PE firms Sequoia Capital, India Equity Partners and Ashmore Alchemy, which amounts to 35% stake in the company.
Founded in 1992, MAGFIL offers gold loan, hypothecation loans, hire purchase loans and money exchange facilities.
MAGFIL has a market cap of Rs 224 mn and posted a PAT of Rs 296.3 mn on revenues Rs 1,122.7 mn for the fiscal year 08/09. It is managing 15.6 tonnes of mortgaged gold assets.
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Editorial
India A Bright Spot For Otherwise Insolvent CalPERS
I heard that Calfornia Pension is going to default and I started wondering what could be India's contribution to that.
