Manappuram infuses ₹264 cr in Asirvad

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.