Manappuram Finance to buy stake in Asirvad Microfinance; stock gains

MUMBAI: Shares of Manappuram Finance moved higher in trade after the company announced that it has signed a non-binding agreement to acquire a majority stake in Chennai-based Asirvad Microfinance (AMPL).

The acquisition will be through a combination of secondary purchase of equity shares from certain existing shareholders and primary investment by way of subscription to equity shares in AMPL.

Earlier this year, Manappuram Finance had acquired Milestone Home Finance, diversifying into housing finance business.

At 09:30 a.m.; the stock was at Rs 32.80, up 1.86 per cent, on the BSE. It touched a high of Rs 33.35 and a low of Rs 32.65 in trade today.