Manappuram Finance Appoints Buvanesh Tharashankar as its Group CFO
Manappuram Finance declared the appointment of Buvanesh Tharashankar as its Group CFO. The company stated in a regulatory filing that the appointment comes after a suggestion from the Nomination, Compensation, and Corporate Governance Committee.
Buvanesh has been appointed as a Key Managerial Personnel as well. The firm specified that Bindu A.L. will remain in her role as Chief Financial Officer and Key Managerial Personnel at Manappuram Finance.
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Buvanesh, a Chartered Accountant with almost 30 years of experience, has occupied senior leadership positions in banking and financial services organizations, such as RBL Bank and Jana Small Finance Bank, where he was the Chief Financial Officer, as well as Citibank in India and abroad. His background encompasses financial strategy, capital and balance sheet oversight, regulatory interaction, governance, and managing investor relations.
Manappuram Finance Limited (MFL) is a prominent Indian Non-Banking Financial Company (NBFC) founded in 1949, known for offering quick gold loans in exchange for household jewelry, while also branching out into microfinance, home loans, vehicle finance, and lending to MSMEs, with the goal of providing accessible financial solutions to India's underbanked population.
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It ranks among the nation's biggest gold loan providers, recognized for its vast branch network (more than 5,000), swift expansion, and implementation of technology such as online gold loans, establishing itself as a comprehensive financial partner.
In his new position, Buvanesh will offer strategic financial guidance throughout the Manappuram Group, concentrating on enhancing governance, optimizing capital efficiency, and aiding long-term business strategy, according to the company.
Manappuram Finance has also authorized an extra investment of up to Rs. 250 crore in equity shares of its subsidiary, Asirvad Micro Finance Limited. The investment will occur in one or several tranches, depending on regulatory approvals.
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Manappuram Finance Ltd shares closed 0.22 percent up on the National Stock Exchange . Earlier in the session, the stock reached a new 52-week peak of Rs.318.90. The stock has climbed for seven straight trading sessions, providing total gains of almost 11 percent throughout this time.