Manappuram Finance Ltd - (MANAPPURAM)
Manappuram Finance Ltd (Formerly known as Manappuram General Finance and Leasing Ltd) is a non-banking finance company. The company provides a range of services, including gold loans, vehicle finance, insurance, foreign exchange services, distribution of mutual funds and other financial products. They operate in three segments: asset finance, gold loan and other loans, and fee-based activities. The company currently operates through more than 1000 branches spread across the country. Manappuram General Finance and Leasing Ltd was incorporated on July 15, 1992 in the wake of economic reforms launched by the Government of India mainly to take advantage of the importance assigned to Leasing as a vehicle to promote decentralized pattern of Economic Growth through small and medium enterprises. During the year 1994-95, the company opened new branches in Calicut, Guruvayur, Ernakulam and Thriprayar. In the year 2002, they started Forex business as a part of its diversification. During the year 2002-03, the company opened 8 new branches in various places. During the year 2003-04, the company entered into various diversified activities as acting as corporate agents for life and general insurance, vehicle finance, acting as full fledged money changers, online share trading, instant money transfer, etc, through and with their 100% subsidiary. Also, they commenced instant money transfer facility, in collaboration with Xpress Money, Coinstar, Instant Cash, Zoha, Ezremit and MoneyGram.During the year 2004-05, the company acquired 100% equity shares in Manappuram Insurance Agents and Brokers Ltd. Also, they widened their activities further, by opening 14 new branches in various places. During the year 2006-07, the company was granted the prestigious Authorized Dealer Category II licence by the Reserve Bank which will enable the company to undertake a wide range of non trade remittances apart from currency exchange transactions. In November 2006, the companys 100% subsidiary, Manappuram Insurance Brokers Pvt Ltd received the insurance Broking Licence from the Insurance Regulatory and Development Authority (IRDA). During the year 2008-09, the company strengthened their IT infrastructure and systems to support their operations. The connectivity to branches was also upgraded so as to provide improved information flow to branches and to further support the collection system. The company acquired the entire assets and liabilities of Manappuram Printers, a sole proprietorship, which is in the business of trading in stationery items, for a total consideration of Rs 10 million. In November 4, 2008, the company sold their entire investment in their subsidiary, Manappuram Insurance Brokers Pvt Ltd to one of the directors of the company for an amount of Rs 5.86 million.During the year 2009-10, as per the scheme of amalgamation, Manappuram Finance Tamilnadu Ltd was amalgamated with the company. Also, they opened their 1001st branch in Thrissur.During 2011, the company adopted a new name of Manappuram Finance Ltd in place of earlier name Manappuram General Finance and Leasing Ltd. The company also came with a Bonus issue in the Ratio of 1:1 During 2014, The company acquired Manappuram Home Finance Ltd
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