Manipal Finance Corporation Limited (BSE:507938) announced private placement of 29,50,000 Non-Cumulative redeemable non-convertible Preference Shares at par value and issue price INR 10/- each for cash for gross proceeds of INR 29,500,000 on November 25, 2020. The securities are issued to existing shares holders. The transaction approved board of directors and subjected to approval of Public Financial Institutions ,Securities and Exchange Board of India ,Reserve Bank of India and all other concerned approvals. The securities are redeemable after expiry of 12 months from the date of issue or 20 years. The company may issue the securities in one or more tranches. The transaction is subjected approval at annual general meeting by members.