Manappuram Finance has acquired 2.72% of fairness shares of Asirvad Micro Finance from S V Raja Vaidyanathan by means of exercising the decision choice, the corporate mentioned in a regulatory submitting on Thursday. The deal is valued at Rs 39.54 crore.
Kerala-based Manappuram took over the Chennai-based microfinance firm in February 2015. After buying the shares, the stake of Manappuram has gone as much as 97.51%.
Property below administration (AUM) of the microfinance has grown 17 instances in 5 years to the touch Rs 5,500 crore by the tip of FY2020. In February 2015, when Manappuram had acquired the corporate, the AUM was round Rs 300 crore.
In FY2021, the pandemic-induced slowdown impacted progress and there was a marginal erosion in AUM to Rs 5,357 crore as of Q3 of the earlier fiscal.
Asirvad Microfinance is contemplating choices of bringing in a monetary companion and going public sooner or later, a prime official of Manappuram Finance had earlier mentioned to FE.