MUMBAI, 5th OCTOBER, 2023 (NHM/ Babita P.M): Asirvad Micro Finance, a subsidiary of Manappuram Finance has filed Draft Red Herring Prospectus (DHRP) with the Securities and Exchange Board of India (SEBI) on October 5, the company informed the exchanges.
The proposed initial public offering (IPO) of equity shares would be undertaken at face value of ₹10 each, comprising fresh issue up to ₹1,500 crore, as per the exchange upload. Founded in 2008 by SV Raja Vaidyanathan, Asirvad was taken over by Manappuram in February 2015 for ₹48.63 crore. The V P Nandakumar-led company first bought 71 percent stake which was later increased to 95 percent and the rest is with the founder Vaidyanathan.
As per the company website, its beneficiaries were women folk, with poor and low-income group, who were supplied ‘Income Generating Product’ Loans to "achieve and maintain" financial stability. In 2021, the company raised $15 million loan from US-based WorldBusiness Capital.
Asirvad said it would use the funds to expand its business of providing small loans to low-income women business owners in rural areas to start and expand their income-generating business.
It now stands with 10,000 crore of assets under management (AUM) by serving 3 million customers spread across all over India, the website states. Manappuram Finance is an India-based non-banking financial company (NBFC).
The stock opened at ₹144.75. At 9.30 am it was up 2.22 percent to ₹145.05. The Company provides credit services to people belonging to the lower socio-economic classes, particularly in rural and semi-urban areas of India. Its segments include Gold loan and others, and Micro Finance.
The Company offers a range of retail credit products and financial services. It has a diversified lending portfolio encompassing retail, microfinance, small and medium-sized enterprises (SME) and commercial customers.Ends
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