Gold loan financier Manappuram Finance on Friday said its board has approved raising of up to USD 500 million (about Rs 4,100 crore) by way of external commercial borrowings (ECBs).

The funds would be raised in one or more tranches, Manappuram Finance said in a regulatory filing.

In the filing, the company said its financial resources and management committee of the board at its meeting held on April 19, 2024, has approved the fundraising proposal.