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Manappuram Finance's board clears multiple proposals; appoints Narayan Easwaran as CTO

31-Mar-26   10:25 Hrs IST
The company's board approved borrowing program for the financial year 2026-27, which inter-alia includes issuance of redeemable non-convertible debentures of up to Rs 7,400 crore by way of private placement and/or public issue in one or more tranches.

Further, the company's board approved additional investment of Rs 7.90 crore in its subsidiary, Asirvad Micro Finance (AMFL), at Rs 44 per share, to be made in one or more tranches. The fund will be utilized to support the capex and working capital requirements of AMFL. Following the infusion, Manappuram Finance's stake in the subsidiary may increase to 99.06%.

Furthermore, the board also approved additional investment in its wholly owned subsidiary, Manappuram Home Finance (MAHOFIN), up to an amount of Rs 150 crore at Rs 10 per share, in single or different tranches. The investment will support the capex and working capital requirements of MAHOFIN. Post infusion, the company will continue to hold 100%.

Additionally, the board also approved the appointment of Narayanan Easwaran as the group chief technology officer (CTO) effective from 30 March 2026.

Narayanan Easwaran is an experienced technology professional with over 25 years in banking technology and digital transformation. He has worked with leading institutions including Equitas Small Finance Bank, IDFC First Bank, ICICI Bank, and Kotak Mahindra Bank. As group CTO, he will provide strategic technology leadership, strengthen digital capabilities, and support the company's growth and transformation objectives.

Manappuram Finance is a leading non-banking financial institution and the 2nd largest financier in the gold loan segment in India. It offers a wide range of products including gold loans, microfinance, housing finance, vehicle loans, and SME financing.

The company's consolidated net profit declined 14.54% to Rs 241.06 crore on 8.07% fall in revenue from operations to Rs 2353.14 crore in Q3 December 2025 over Q3 December 2024.

The scrip fell 1.08% to end at Rs 251 on the BSE. The stock market will remain closed on account of Mahavir Jayanti.

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