Manappuram Finance has acquired 2.72% of equity shares of Asirvad Micro Finance from S V Raja Vaidyanathan by way of working out the get in touch with alternative, the corporation stated in a regulatory filing on Thursday. The deal is valued at Rs 39.54 crore.
Kerala-based Manappuram took more than the Chennai-based microfinance corporation in February 2015. After acquiring the shares, the stake of Manappuram has gone up to 97.51%.
Assets below management (AUM) of the microfinance has grown 17 occasions in 5 years to touch Rs 5,500 crore by the finish of FY2020. In February 2015, when Manappuram had acquired the corporation, the AUM was about Rs 300 crore.
In FY2021, the pandemic-induced slowdown impacted development and there was a marginal erosion in AUM to Rs 5,357 crore as of Q3 of the prior fiscal.
Asirvad Microfinance is taking into consideration choices of bringing in a economic companion and going public in due course, a best official of Manappuram Finance had earlier stated to FE.