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Manappuram General Finance and Leasing Ltd (MAGFIL), the flagship company of the Thrissur-based Manappuram Group, is planning a Rs 750-crore non-convertible debenture issue in July to meet its business requirements.
Mr V. P. Nandakumar, Chairman, Manappuram Group, told newspersons here that the issue will have a green-shoe option for the equal amount. Getting the necessary regulatory approval from SEBI and the RBI is at an advanced stage and the interest rate is likely to be between 11 and 12 per cent. The issue is to raise short-term funds for the company, he added.
MAGFIL, during the fiscal year ended March 31, 2011, had increased its net profit by 136 per cent to Rs 282.66 crore. The company also issued bonus shares in the ratio 1:1, an unprecedented achievement considering that it is the third occasion in the last five years that the company has issued bonus shares, he added.
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