Manappuram Finance Limited’s Board of Directors convened on March 30, 2026, approving major strategic decisions. Key approvals include a ₹7,400 Crore borrowing limit for FY 2026-27 via NCDs. Furthermore, Mr. Narayanan Easwaran was appointed as the new Group Chief Technology Officer (CTO). The Board also sanctioned significant additional investments in wholly-owned subsidiaries, Asirvad Micro Finance Limited (AMFL) and Manappuram Home Finance Limited (MAHOFIN), up to ₹790.59 Crore and ₹150.00 Crore, respectively.
Key Outcomes from the Board Meeting on March 30, 2026
The Board of Directors of Manappuram Finance Limited concluded its meeting on March 30, 2026, following discussions that commenced at 05:00 P.M. The primary resolutions passed covered capital strategy, key personnel appointments, and subsidiary funding requirements.
1. Approved Borrowing Program for FY 2026-27
The Board greenlit the Company’s borrowing program for the Financial Year 2026-27. This program authorizes the issuance of redeemable non-convertible debentures (NCDs) up to an overall limit of Rs. 7,400 Crore. This issuance can occur through private placement and/or public issues across one or more tranches as deemed necessary by the Board or its committees.
2. Appointment of Group Chief Technology Officer (CTO)
Following a recommendation from the Nomination, Compensation, and Corporate Governance Committee, the Board formally appointed Mr. Narayanan Easwaran as the Group Chief Technology Officer (CTO) and Senior Management Personnel, effective from March 30, 2026. Mr. Easwaran is noted as an experienced technology professional with over 25 years in banking technology and digital transformation, having worked with institutions like Equitas Small Finance Bank and Kotak Mahindra Bank.
3. Investments in Subsidiaries
Additional Investment in Asirvad Micro Finance Limited (AMFL)
The Company approved an additional investment in the Equity Shares of its subsidiary, Asirvad Micro Finance Limited (AMFL), up to an amount of Rs 7,90,59,04,996/- (approximately Rs 790.59 Crore) in single or different tranches. The acquisition price is set at Rs. 44 per share. Upon completion of this infusion, the Company’s holding, currently at 98.56%, may increase up to 99.06%. AMFL’s AUM as of March 31, 2025, stood at Rs.8188.79 Crore.
Additional Investment in Manappuram Home Finance Limited (MAHOFIN)
The Board also approved an investment in the Equity Shares of its wholly owned subsidiary, Manappuram Home Finance Limited (MAHOFIN), up to Rs 1,50,00,00,000/- (or Rs 150 Crore) in single or different tranches. The price per share for this investment is Rs. 10. The AUM of MAHOFIN as of March 31, 2025, was Rs. 1823.88 Crore. The company already holds 100% in MAHOFIN, which will remain the same post-infusion.
Performance Snapshots of Subsidiaries
Asirvad Micro Finance Limited (AMFL) Turnover Summary
- FY 2024-25: Rs. 2,705.43 Crore
- FY 2023-24: Rs. 2,681.31 Crore
- FY 2022-23: Rs. 1,715.19 Crore
Manappuram Home Finance Limited (MAHOFIN) Turnover Summary
- FY 2024-25: Rs. 313.9089 Crore
- FY 2023-24: Rs. 242.8048 Crore
- FY 2022-23: Rs. 165.7414 Crore
Source: BSE
