India, Sept. 23 -- Manba Finance Ltd's Board of Directors has approved a proposal to raise Rs 99.99 crore through a preferential issue of securities, subject to shareholder and other required regulatory approvals.
The proposed fundraise includes equity shares worth Rs 67.50 crore to non-promoter investors and convertible warrants worth Rs 32.49 crore to the promoter group. The issue has also attracted participation from various family offices, investment funds and high-net-worth investors.
The promoter group, through Manba Investments and Securities Private Ltd and Managing Director Manish K. Shah, will subscribe to warrants worth Rs 32.49 crore, marking the largest individual commitment in the issue.
The funds will be used to strengthen...