Manappuram Finance slumps 7.5% as Sebi puts Asirvad Micro Fin IPO on hold

Manappuram Finance first bought 71 percent stake in Asirvad MicroFinance in February 2015 which was later increased to 95 percent in June 2022.

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Shares of Manappuram Finance tanked 7.5 percent in early trade on January 10 after the Securities and Exchange Board of India (Sebi) put on hold the public offer of subsidiary firm Asirvad Micro Finance.

Asirvad Micro Finance had filed a draft red-herring prospectus (DRHP) with the market regulator to raise Rs 1,500 crore from the public back in October. However, the market regulator’s decision to put the IPO in abeyance will trigger a delay in the microfinance company’s listing.

Manappuram Finance had acquired a significant majority stake in the Chennai-based microfinance firm as part of its diversification strategy.

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Manappuram Finance first picked up 71 percent in Asirvad Micro Finance in February 2015 and raised it to 95 percent in June 2022. The rest of the stake remains with the founder of Asirvad Micro Finance.

At 9.59am, shares of Manappuram Finance were trading at Rs 168.40 on the NSE. Volumes in the counter also shot up after the news as one crore shares changed hands on the exchanges so far, higher than the traded volumes of 77 lakh shares seen in the previous session.

On July 26, 2023, Moneycontrol was the first to report that Asirvad Micro Finance had begun work on its proposed listing to raise around Rs 1,500 crore.

Also read | Manappuram Finance arm Asirvad Micro Finance files for Rs 1,500 cr IPO

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