Manappuram Finance Ltd is an Indian

non-banking financial company A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that is not legally a bank; it does not have a full banking license or is not supervised by a national or international banking regulator ...

(NBFC) based in

Valapad Valapad is a village situated in the Thrissur district in the state of Kerala in southern India. It is about 24 km from Thrissur city. It lies by the National Highway 66. The geographical advantage of this village is, in a radius of 25 to 3 ...

Thrissur Thrissur (, ), Renaming of cities in India, formerly Trichur, also known by its historical name Thrissivaperur, is a city and the headquarters of the Thrissur district in Kerala, India. It is the List of most populous urban agglomerations in Ke ...

Kerala Kerala ( , ) is a States and union territories of India, state on the Malabar Coast of India. It was formed on 1 November 1956, following the passage of the States Reorganisation Act, by combining Malayalam-speaking regions of the erstwhile ...

. Manappuram has over 4190+ branches across 25 states.

History

The company was founded in 1949 by late V. C. Padmanabhan in

Thrissur district Thrissur (), anglicised as Trichur, is one of the List of districts of Kerala, 14 districts in the States and union territories of India, Indian state of Kerala. It is situated in the central region of the state. Spanning an area of about , th ...

. The company commenced its operations at Valappad, mainly with money lending activity on a very modest scale. The group's flagship company, MAGFIL, was established in 1992 in the wake of economic reforms launched by the

Government of India The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union t ...

. Its activity was mainly pawn broking and money lending carried out on a modest scale. In 2014, Manappuram Finance acquired Delhi-based Milestone Home Finance Company and subsequently renamed the company as Manappuram Home Finance. In 2015, Manappuram Finance acquired Asirvad Microfinance, a

Chennai Chennai, also known as Madras (List of renamed places in India#Tamil Nadu, its official name until 1996), is the capital city, capital and List of cities in Tamil Nadu by population, largest city of Tamil Nadu, the southernmost states and ...

-based

microfinance Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; saving ...

company.

Controversies

In February 2012, the

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

(RBI) issued a warning to the general public against keeping deposits with Manappuram Finance. In response, the company announced an immediate compliance to any of RBI's concerns and decided to constitute an independent committee under the chairmanship of Jagdish Capoor (former Deputy Governor of RBI and former chairman of

HDFC Bank HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and market capitalisation. The Reserve Bank of India (RBI) has identified the HDFC Bank, Stat ...

) to review relevant aspects of operations, systems, controls and organizational structure, including Board composition and effectiveness.

Acquisition

Bain Capital Bain Capital, LP is an American Investment company, private investment firm based in Boston, Massachusetts, Boston, Massachusetts, with around $185 billion of assets under management. It specializes in private equity, venture capital, credit, p ...

, is set to acquire joint control in Manappuram Finance with an investment of approximately ₹4,385 crore. Acquiring a potential stake ranging between 18.0% and 41.7% on a fully diluted basis. The transaction, expected to close by Q2–Q3.

References

{{DEFAULTSORT:Manappuram Finance Limited Financial services companies in Thrissur Financial services companies established in 1949 Indian companies established in 1949 Companies listed on the Bombay Stock Exchange Companies listed on the National Stock Exchange of India