Kerala: 108 cr into Manappuram Finance

Kochi, Nov 8: The Kerala-based NBFC Manappuram Group of Companies has received fresh capital infusion of Rs 108 crore from United Kingdom and the US-based equity firms, with participation from the promoters.

The UK-based Ashmore Alchemy, a joint venture between Ashmore and Alchemy has invested Rs 32 crore through its Mauritius-based investment vehicle, AA Development Capital India Fund, LLC, Group Chairman V P Nandakumar said at a press conference here last night.

Of this, Rs 22.4 crore was into Manappuram Finance and Leasing Limited (MAGFIL) and RS 9.6 crore into Manappuram Finance Limited (MAFIT), he added.

US-based private equity fund Granite Hill, through their GHIOF Mauritius has invested Rs 4.2 crore in MAGFIL and Rs 1.8 crore in MAFIT.

Besides, the existing investors like Sequoia Capital Growth Investments and Hudson Equity Holdings Limited contributed Rs 32.74 crore, Mr Nandakumar said.

Over and above this, the promoters had subscribed to the warrants of around Rs 26.07 crore in MAGFIL and Rs 11.17 crore in MAFIT.

On the general economic slowdown, Mr Nandakumar said '' the recession has not affected the Group's business and it has only thrown open certain opportunities.''

UNI