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In response to the announcement, Muthoot Finance shares dropped 4.75%, IIFL Finance declined 2.37%, and Manappuram Finance slid 1.46%.
This development was announced in conjunction with a broader monetary policy adjustment. The RBI reduced the key policy repo rate by 25 basis points to 6%, marking its second consecutive rate cut, and shifted its policy stance from 'neutral' to 'accommodative.'
The board of directors or its committee thereof will decide whether the proposed issue shall be listed or not unlisted.
Founded in 1949, Manappuram Finance is a leading non-banking financial institution and the 2nd largest financier in the gold loan segment in India. It has grown to serve over 6.59 million customers through an extensive network of 5,357 branches and a workforce of 50,795 employees. It has expanded beyond gold loans into microfinance, vehicle finance, housing finance and SME lending, establishing itself as a diversified financial services provider.
On a consolidated basis, Manappuram Finance's net profit fell 50.76% to Rs 282.06 crore on 10.14% increase in total income to Rs 2,562.63 crore in Q3 December 2024 over Q3 December 2023.
The counter shed 0.06% to end at Rs 232.55 on Friday, 28 March 2025. The stock market will remain closed today in observance of Eid-ul-Fitr.