Manappuram Finance Limited has announced that its subsidiary, Asirvad Micro Finance Limited (AMFL), will withdraw its Draft Red Herring Prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).
The decision to withdraw the DRHP was approved by AMFL’s board of directors on March 20, 2025, following a strategic reassessment amid Manappuram Finance’s investment deal with Bain Capital. AMFL had originally filed the DRHP on October 4, 2023, in preparation for an initial public offering (IPO), pending market conditions and regulatory approvals.
With this withdrawal, AMFL will submit the necessary application to SEBI and stock exchanges for formal approval. The development comes as part of a broader restructuring within Manappuram Finance, which includes capital infusion from Bain Capital’s investment arms through a preferential issue of shares and warrants.
This move signifies a shift in AMFL’s fundraising and business strategy, aligning with the evolving financial plans of Manappuram Finance Limited.
