Manappuram Finance shares surged 5.4% to a 52-week high of Rs 207.30 following news of subsidiary Asirvad Micro Finance receiving Sebi approval for an IPO. The IPO, filed last October, will follow a book-building process with allocation to various investor categories.
Shares of Manappuram Finance shed over 7 percent on Wednesday after market regulator SEBI put the IPO of its arm Asirvad Microfinance in abeyance, according to media reports.
Manappuram Finance failed to comply with the RBI’s directions on payment of surplus amounts realised by auctioning gold articles pledged by certain borrowers
Manappuram Finance share price: The stock surged 7.88 per cent to hit a 52-week high of Rs 162.30 over its previous close of Rs 150.45. Turnover on the counter stood at Rs 20.14 crore, commanding a market capitalisation (m-cap) of Rs 13,593.74 crore.
The company also declared an interim dividend of Rs 0.85 per equity share of a face value of Rs 2. November 24, 2023, has been set as a record date to ascertain the entitlement of interim dividend.