Mumbai, June 10 (IANS) Manappuram Finance plans to raise up to Rs 250 crore by issuing non-convertible debentures (NCD).

In a regulatory filing on Wednesday, the company said that the concerned committee of its board has approved the proposal.

"The Financial Resources and Management Committee of the Board of Directors approved the issuance of the private placement of rated, secured, redeemable non-convertible debentures up to Rs 250 crore," it said.

Shares of the company rose on Wednesday on the back of the announcement. At around 2.47 p.m., its shares on the BSE were trading at Rs 141.60, higher by Rs 2.60 or 1.87 per cent from its previous close.

--IANS rrb/sn/arm