Manappuram Finance Ltd on Friday termed as speculative reports that its promoter V P Nandakumar is looking to sell his stake in the company or is on the verge of doing so.

The gold loan company, in a stock exchange statement, said its management reiterates there is no truth in recent stories of a speculative nature appearing in the media to the effect that the company's promoter is looking to sell his stake in the company or is on the verge of doing so.

Earlier, reports suggested that HDFC Bank, IDFC Bank and Edelweiss Group were in the race to buy the Thrissur (Kerala) headquartered non-banking finance company.

As at March-end 2017, the company had 4,148 branches across 27 states/UTs with assets under management (AUM) of Rs. 13,723 crore and a workforce of 22,112. Over the last two years, the company has diversified into new business areas like microfinance, vehicle and housing finance, and SME lending.

In February 2015, Manappuram Finance had acquired Asirvad Microfinance Pvt. Ltd. with AUM a little short of Rs.300 crore. Overall, non-gold businesses contributed 18.52 per cent of the total business as of March 31, 2017. The NBFC shares were trading down by 2.06 per cent at Rs 116.35 on the BSE.

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