Non-banking financial company Manappuram Finance on Wednesday said its board has approved raising up to Rs 150 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

The board of directors of Manappuram Finance has approved the issuance of market linked, rated, secured, redeemable non-convertible debentures for Rs 100 crore with an option to retain oversubscription up to Rs 50 crore aggregating to Rs 150 crore on private placement route," the lender said in a regulatory filing.

Manappuram Finance said its board also approved allotment of 1,000 secured rated redeemable non-convertible debentures having the face value of Rs 10,00,000 each aggregating to Rs 100 crore on a private placement basis.

The non-convertible debentures are to be listed on BSE, it said. Shares of Manappuram Finance were trading 2.34 percent higher at Rs 159.50 apiece on BSE.