Asirvad Microfinance Ltd. has announced the appointment of Mr. B N Raveendra Babu as the Managing Director of the company. The Chennai-based NBFC-MFI is a subsidiary of Manappuram Finance Limited (MAFIL) and is the 4th largest MFI in India.
Mr. Raveendra Babu succeeds Mr. Raja Vaidyanathan, the founder and Managing Director, who relinquished his position on 30 June. The company was founded in 2007 by Mr. S.V. Raja Vaidyanathan, and it was acquired by Manappuram Finance Limited in 2015.
Mr. B N Raveendra Babu is a promoter director of Manappuram Finance Limited where he served as an Executive Director prior to this appointment. He has over 28 years of experience in the NBFC domain in India along with 13 years of experience in the finance area in the Middle East.
Speaking to the media on his appointment, Mr. B N Raveendra Babu said, "I am quite excited to take over as Managing Director of Asirvad Micro Finance, which has an AUM of Rs.6000 Crores. We look forward to investing in innovation and to open new business segments while fostering a high-performance culture across the company."
He highlighted technology upgradation as a priority for the company as new-age financing is entirely driven by technology. The company is moving to Oracle Cloud and digitalising the entire process through a Loan Management System (LMS) developed in-house. Further, customers are to be brought to the digital platform by providing them a Customer Service Application which provides them full information about their loans and gives access to different modes of digital payments. The overarching aim, he said, is to align Asirvad's business to the vision of "Small loans, big dreams."
Shares of MANAPPURAM FINANCE LTD. was last trading in BSE at Rs. 209.55 as compared to the previous close of Rs. 193.9. The total number of shares traded during the day was 1074901 in over 9323 trades.
The stock hit an intraday high of Rs. 211.45 and intraday low of 195.05. The net turnover during the day was Rs. 220760300.