In an exchange filing, Manappuram Finance said that the special committee of the board approved the issuance of secured, unrated, unlisted, redeemable, non-convertible debentures of face value of Rs 10,00,000 for a principal aggregate amount of upto Rs 770 crore.

Manappuram Finance is one of India's leading gold loan NBFCs. The company reported a 44.2% fall in consolidated net profit to Rs 261.10 crore on an 8.5% decline in total income to Rs 1,491.31 crore in Q4 FY22 over Q4 FY21.

Shares of Manappuram Finance were down 1.86% to Rs 84.40 on the BSE.