DCM Manappuram (IFC-46651)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jun 30, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
MANAPPURAM FINANCE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 100.74 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 100.74 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2022

Disclosed by Bank May 26, 2022

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to IFC, the proposed project is a senior secured loan of up to US$ 100 million in equivalent INR in the Company through subscription to non-convertible debentures (NCDs) to an existing IFC portfolio client, Manappuram Finance Limited (MFL or the Company), for a tenor of up to 3 years. The proposed project supports underserved individuals in the economy with focus on directing a portion of the debt towards women borrowers. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed project involves a debt investment by IFC’s of up to US$100 million.

Private Actor Relationship
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

MFL is promoted by Mr. V.P. Nandakumar who controls 34.5% of the total equity of the company. 29.8% is held by various foreign portfolio investors (Quinag Acquisition – 9.9%, Fidelity Investment Trust– 3.6%, Baring India Private Equity – 3.2%) while the balance is dispersed among the public and mutual funds.    

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

MFL is a registered NBFC under the Reserve Bank of India (RBI) primarily offering gold loans, i.e., loans against pledge of gold jewelry. The Company was founded by Mr. V.C. Padmanabhan, father of current MD & CEO Mr. V.P. Nandakumar, in 1992 in Kerala. As on March 2022, MFL has consolidated assets under management (AUM) of INR 303bn (US$3.9bn) and a workforce of over 40,000. Its long-term debt is rated AA/stable by CRISIL.   

MFL is headquartered in Thrissur (Kerala) and has 5,000 branches across 29 states in India on consolidated basis.                                                                                               


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Manappuram Finance Limited
Bindu AL
EVP Finance
0487 - 3050301
bindhu@manappuram.com
Mailing Address Manappuram House, P.O Valapad, Thrissur, Kerala - 680567
www.manappuram.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works