The founder of Asirvad has retained a stake in the company since February 2015, following the initial investment by Manappuram Finance. Manappuram Finance's stock plummeted 7.5  on the National Stock Exchange  NSE  and 4.47  on the Bombay Stock Exchange  BSE , hitting a daily low of Rs 163.4.The IPO delay represents a setback for Manappuram Finance, which had increased its stake in Asirvad Micro Finance in June 2022, securing a majority holding as part of its broader diversification strategy. Investors are closely monitoring the situation, as the regulatory delay has introduced uncertainty regarding the timing and potential rescheduling of Asirvad Micro Finance's public offering. Asirvad Micro Finance had initially filed for an IPO in October of the previous year, aiming to raise Rs 1,500 crore. MUMBAI - Shares of Manappuram Finance  NS MNFL  suffered a sharp decline today, following the Securities and Exchange Board of India's  SEBI  decision to postpone the initial public offering  IPO  of its subsidiary, Asirvad Micro Finance.
Manappuram Finance's stock fell after SEBI postponed the IPO of its subsidiary, Asirvad Micro Finance, which had filed for an IPO in October 2022 to raise Rs 1,500 crore. The founder of Asirvad has retained a stake in the company since February 2015, following the initial investment by Manappuram Finance.