Fitch Ratings has assigned India-based Manappuram Finance Limited (MFIN) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'BB-'. The Outlook is Stable. Fitch has also assigned MFIN's USD750 million medium-term note (MTN) programme a 'BB-' rating.
MFIN plans to issue US dollar notes under the MTN programme. The notes will be secured by MFIN collateral and at all times rank pari passu and without any preference among themselves. Collateral includes all of the issuer's standard assets, stage-1 assets and stage-2 assets, and excludes all non-performing assets or stage-3 assets. The notes are also subject to maintenance-based covenants that require MFIN to ensure the security coverage ratio at equal or greater to 1.0x at all times.
MFIN has applied to have the MTN programme listed on the Singapore Exchange. The issuer will use the net proceeds of the notes for onward lending and general corporate purposes in accordance with approvals granted by the Reserve Bank of India and directions on external commercial borrowings.
Shares of MANAPPURAM FINANCE LTD. was last trading in BSE at Rs.159.75 as compared to the previous close of Rs. 158.7. The total number of shares traded during the day was 39555 in over 437 trades.
The stock hit an intraday high of Rs. 160.95 and intraday low of 158.75. The net turnover during the day was Rs. 6316577.