Manappuram Finance plans to rope in private equity player for MFI unit

Manappuram holds about 98 per cent stake in Micro finance subsidiary

Gold finance company Manappuram Finance plans to rope in private equity investor for its microfinance unit Asirvad Microfinance Private Ltd to support growth plans. This is the first step towards listing MFI business on the stock exchanges.

Now it expects, after eight years of its takeover, for micro lending arm to touch Rs 10,000 crore by end of March 2023.  Micro Finance Institution (MF) is looking for AUM growth of 30 per cent YoY in Fy24. The microfinance subsidiary Asirvad posted an AUM of Rs 8,653 crore showing a growth of 22 per cent year-on-year (YoY) and a profit of 70.5