MUMBAI
Manba Finance Limited has approved a ₹99.99 crore fundraise through a preferential issue of securities, subject to shareholder and regulatory approvals. The issue comprises equity shares worth ₹67.50 crore to non-promoter investors and convertible warrants worth ₹32.49 crore to the promoter group.
The fundraising has attracted participation from family offices, investment funds and high-net-worth individuals. The promoter group, through Manba Investments and Securities Private Limited and Managing Director Manish K. Shah, will subscribe to warrants worth ₹32.49 crore, representing the largest commitment in the issue.
The company said the proceeds will strengthen its capital base and support growth in its loan book across two-wheelers, three-wheelers, electric vehicles, used cars, personal loans, small business loans and Micro-LAP products. Funds will also support expansion into new geographies and general corporate purposes.
“This fundraise is a strong endorsement of Manba’s business model, our underwriting discipline and the franchise we have built over more than a decade,” Shah said. He added that the capital would help the company expand existing markets and serve more customers underserved by formal credit.
Founded in 1996, Manba Finance operates across urban, semi-urban and rural markets through more than 130 locations across six states. It has partnerships with over 1,500 dealers and assets under management exceeding ₹1,700 crore. The company has also entered South India through a strategic partnership covering Karnataka and Tamil Nadu.