Manappuram Finance Limited’s Board approved a substantial borrowing program of ₹7,400 Crore for FY 2026-27, primarily through redeemable NCDs. The board also sanctioned significant additional investments in its subsidiaries, injecting up to ₹7,905.90 Crore into Asirvad Micro Finance Limited (AMFL) and up to ₹1,500 Crore into Manappuram Home Finance Limited (MAHOFIN). Furthermore, Mr. Narayanan Easwaran was appointed as the Group Chief Technology Officer, effective March 30, 2026.
Major Corporate Decisions Approved
The Board of Directors of Manappuram Finance Limited met on March 30, 2026, and approved several critical strategic initiatives for the upcoming financial year, focusing on capital raising and strengthening subsidiary operations.
Approved Borrowing Program for FY 2026-27
The Board authorized a comprehensive borrowing program for the Financial Year 2026-27. This program includes the issuance of redeemable non-convertible debentures (NCDs) with an overall limit of up to Rs. 7,400 Crore. The issuance will be conducted via private placement and/or public issue in one or more tranches, as determined by the Board or its committees.
Executive Appointment
Following the recommendation of the Nomination, Compensation and Corporate Governance Committee, the Board approved the appointment of Mr. Narayanan Easwaran as the Group Chief Technology Officer and Senior Management Personnel of the Company. This appointment is effective from March 30, 2026. Mr. Easwaran is noted as an experienced technology professional with over 25 years in banking technology and digital transformation, expected to provide strategic technology leadership.
Strategic Capital Infusion into Subsidiaries
1. Asirvad Micro Finance Limited (AMFL)
The company approved an additional investment in the Equity Shares of its subsidiary, Asirvad Micro Finance Limited (AMFL). The maximum investment sanctioned is up to an amount of Rs 7,90,59,04,996/-, to be infused in single or different tranches. This investment aims to support the capex and working capital requirements of AMFL. Post-infusion, Manappuram Finance anticipates its shareholding in AMFL to rise from the current 98.56% up to 99.06%.
- AMFL Recent Turnover: FY 2024-25 saw a turnover of Rs. 2,705.43 Crore.
- Consideration: Cash consideration at a price of Rs. 44 per share.
2. Manappuram Home Finance Limited (MAHOFIN)
An additional investment was approved for Manappuram Home Finance Limited (MAHOFIN), a wholly owned subsidiary. The investment ceiling is set at up to Rs 1,50,00,00,000/- (Rs 1,500 Crore) across various tranches. This capital infusion is intended to support MAHOFIN’s capex and working capital needs in the Home Finance sector. The Company currently holds 100% in MAHOFIN, which is expected to remain 100% after the infusion.
- MAHOFIN Recent Turnover: FY 2024-25 turnover was reported at Rs. 313.9089 Crore.
- Consideration: Cash consideration at a price of Rs. 10 per share.
The Board Meeting commenced at 05:00 P.M. and concluded at 06:30 P.M.
Source: BSE
