Sequoia Capital, Hudson Equity to pick stake in Manappuram General Finance

Manappuram General Finance & Leasing Ltd has announced that the Board of Directors of the Company at its meeting held on May 26, 2007, has taken the following decisions:

1. To increase the Authorised Capital of the Company to Rs 80 Crores comprising 28 crore equity capital (including the existing equity capital) and 52 crore preference shares (including the existing redeemable preference capital).

2. To make a preferential issue of 46,80,000 compulsorily convertible preference shares of Rs 100 each to the following persons:

a. Hudson Equity Holdings Ltd, Port Louis Mauritius

b. Sequoia Capital India Investment Holding I, Port Louis Mauritius

3. To convene an extra ordinary general meeting of the members of the Company on June 23, 2007, to place the above proposals before members.

The stock was trading at Rs.86.40, up by Rs.4.10 or 4.98%. The stock hit an intraday high of Rs.86.40 and low of Rs.85.70. The total traded quantity was 4112 compared to 2 week average of 12056.

Source : Equity Bulls

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