Manappuram Finance share price hits 52-week high as SEBI approves Asirvad Micro Finance IPO
Manappuram Finance share price has been gaining momentum in the last two sessions, including today, following the approval of its subsidiary Asirvad Micro Finance IPO by market regulator the Securities and Exchange Board of India (SEBI). Manappuram Finance share price today surged over 5% to touch 52-week high, the stock opened at ₹196.95 apiece on the BSE. Manappuram Finance share price touched an intraday high of ₹207.30 and an intraday low of ₹195.65.
According to Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One Manappuram Finance share price has been in momentum today and has been witnessing price and volume breakouts. Going ahead, a close beyond ₹200 would open doors for ₹215–218 levels with support at ₹195. Also Read: Gillette India share price skyrockets 8% , fueled by strong March quarter performance Asirvad Micro Finance, a microfinance firm that provides microloans to low-income women, is a subsidiary of NBFC Manappuram Finance.
It serves and empowers the unbanked people as well as the socially and economically disadvantaged. Asirvad Microfinance IPO was postponed earlier this year by SEBI. In October last year, Asirvad Microfinance submitted preliminary IPO papers to SEBI.
The Asirvad Micro Finance IPO was put on hold for a number of reasons, including those that SEBI had highlighted, according to CNBC-TV18 news reports that cited their sources. Two of the three questions were answered right away, while the third was estimated to take between 15 and 30 days to answer. The IPO is a fresh issuance of equity shares up to ₹1500 crore without an offer for sale (OFS) component, with a face value of ₹10 per share.
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