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MANAPPURAM RAISES Rs. 245 CRORES THROUGH QIP

Team YS
4th Mar 2010
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Mumbai, March 4th, 2010: Manappuram General Finance and Leasing Limited,the flagship company of Manappuram Group has raised Rs. 245 crores by way ofQIP (Qualified Institutional Placement) from a group of domestic andinternational investors.

With this fund raise the total paid up sharecapital of the Company has gone up to Rs. 32.47 crores and the total networth of the company including the last three quarters’ profit has gone upto Rs.573.61 crores. The company has issued 35.40 lakhs equity shares offace value of Rs.10/- each to raise the above stated amount at the rate ofRs.691/- per share based on the prevailing market price, saidMr.V.P.Nandakumar, Executive Chairman of the Company.

The Company has placed its shares with leading blue chip investors such asCapital World, Nomura, SBI Mutual Fund, Wellington Management Company, IndiaCapital, Morgan Stanley, IDFC Mutual Fund, Geosphere and India Horizon Fund.This fund raise will help the company to augment its capital base and tomeet the capital adequacy requirements for the expected credit growth forthe year 2010 – 11 said Mr. I.Unnikrishnan, Managing Director of theCompany.The sole arranger to the issue was Enam Securities, Mumbai and was advisedby Spark Capital, Chennai.

The shares issued will be listed on the Bombay Stock Exchange shortly. Duringthe last two years, the company had raised Rs.178 crores of equity by way ofprivate placement.  Mr. Nandakumar added that the Company has plans to open400 branches during the next year.

Corporate Social Responsibility

.Shri Nandakumar added that today Manappuram group is not merely a commercialorganization. It has transformed itself as an organization with atremendous sense of Corporate Social Responsibility.

Any institutionwhether it is financial sector or otherwise draws its sustenance from thesociety around it and it is the duty of the organization to reciprocate tothe society which lavished it bounties on it. It is this realization thatmade Manappuram to be actively involved in the humanitarian and socialwelfare programmes. To over see the philanthropic and social welfareschemes of Manappuram Group.  The Group has recently set up ManappuramFoundation, a Charitable Trust for promoting social services by establishinghospitals, old age homes etc. and also providing monetary and other help forthe relief of destitutes.

As its first initiative, the foundation has evolved a Novel scheme called“Janaraksha – Manappuram Soujanya Arogya Insurance Scheme”, a free insurance scheme covering all the 20,000 BPL families in the seven Panchayats in the Nattika Assembly Constituency in Thrissur Distrct. According to the Schemethe beneficiaries get insurance cover free of cost up to Rs.60, 000/- perfamily per year and can avail of cashless treatment including maternity inany of the approved hospitals. The heads of beneficiary families are alsoeligible for accidental insurance cover of Rs.75,000/- and additionalassistance of Rs.25000/- for death caused by cancer directly from ManappuramFoundation to the dependants of the deceased.

For this novel scheme, thefirst of its kind in India the premium payable by the beneficiaries isentirely funded by Manappuram Foundation, thereby making the scheme totallyfree for the beneficiaries. The United India Insurance Company is entrustedwith the implementation of the scheme and TTK Health Care Services isdesignated as Third Party Administrator (TPA). In order to ensure smoothfunctioning of the scheme Manappupram Foundation has set up a 24- hourmonitoring system at its Corporate Office, said Shri Nandakumar.

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