The Hindu Business Line

Manappuram infuses ₹264 cr in Asirvad

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Manappuram Finance, on Wednesday, announced that it has infused ₹264 crore in its microfinan­ce arm, Asirvad Microfinan­ce, through a rights issue. After this transactio­n, Manappuram will hold 93.33 per cent stake in the microfinan­ce entity. Promoted by SV Raja Vaidyanath­an and his family members in 2007, Asirvad was acquired by Manappuram in February 2015. “The recent capital infusion by the parent company Manappuram will enable Asirvad’s portfolio grow from the present level of ₹3,800 crore to more than ₹5,500 crore by March 2020,” said Raja Vaidyanath­an, MD, Asirvad Microfinan­ce. The company caters to 1.8 million microfinan­ce clients in 22 States across India.

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