The Hindu Business Line : Manappuram Fin board okays pref allotment to FIIs

Kochi, June 23 The Board of Manappuram General Finance and Leasing has approved the conversion of preference capital amounting to Rs 46.80 crore into equity shares in favour of the Mauritius-based FIIs, Hudson Equity Holdings and Sequoia Capital India Growth Investments.

Making the announcement, Mr V.P. Nandakumar, Chairman of Manappuram Group, said the terms of agreement with the foreign investors provide for conversion of the preference shares into equity on or before September 30, 2008.

The conversion was arrived at based on the audited financial results of the company for the last financial year. During the year, the company made a net profit of Rs 20.99 crore.

Based on the conversion terms accepted at the meeting, each of these investor would get 16,41,791 equity shares with a face value of Rs 10, equivalent to 11.49 per cent of the post-issue paid up capital of the company, a press release issued here has said.

The increased post-paid equity capital of the company after conversion would be Rs 14.28 crore.

The equity shares of the company having a face value of Rs 10 were issued at Rs 142.51 per share.

The company, which is primarily into gold loans, plans to expand operations to all important urban and semi-urban locations in the country. It is also active in insurance broking through its subsidiary, Manappuram Insurance Brokers and also involved in forex operations.

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