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.
Manappuram, Muthoot Finance: If one goes by what Nirmal Bang Institutional Equities suggest, the two gold loan companies are likely to benefit in terms of growth and profitability, considering their leadership position in the industry.
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.