Mumbai, September 23: Manba Finance is looking to raise ₹99.99 crore following its board’s approval for a preferential issue of securities. This is aimed at strengthening its capital base and providing the necessary liquidity required to expand its financing and long term growth objectives.
To achieve this, the board approved the allotment of 50 lakh equity shares and 24 lakh convertible warrants, each priced at ₹135. This move is expected to strengthen the balance sheet and help the company expand its lending portfolio in its main business areas.
The company claims strong interest from marquee investors and family offices in a regulatory filing. With the funds, Manba Finance aims to grow its assets under management and grow its loan book across its personal loan, small business loan, Micro LAP and vehicle loan products.
“This fundraise is a strong endorsement of Manba’s business model, our underwriting discipline and the franchise we have built over more than a decade. Having investors of this calibre alongside us, together with the promoter group’s own commitment, gives us the capital and the confidence to grow faster, go deeper into our existing markets and serve many more customer who are underserved by formal credit.” Mr. Manish K. Shah, Managing Director, Manba Finance Limited, said.
