Baring PE India boosts stake in Manappuram Finance
Baring Private Equity Partners India has increased its stake in gold loan company Manappuram Finance to 9.71% through an open market transaction.
According to a regulatory filing, the PE firm on Thursday acquired 1.8 million shares in Manappuram Finance for INR36 million ($640,000). The investment was channelled through Baring India Private Equity Fund III. Last week, Baring took its holding from 7.18% to 9.49% after buying shares worth about INR500 million.
Manappuram Finance was established in 1992 and uses gold held by Indian families as collateral for loans, as well as offering insurance and foreign exchange services. It has more than 2,500 branches across 22 states, with assets under management exceeding INR100 billion.
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