Manappuram Finance Limited (BSE:531213) agreed to acquire Manappuram Asset Finance Limited for approximately INR 340 million on May 15, 2019. Under the terms, 29.8 million shares were acquired for INR 11.5 per share. Manappuram Asset Finance reported turnover worth approximately INR 290 million for the financial year ended March 31, 2019. The transaction is subject to regulatory approval by Reserve Bank of India. The transaction was approved by the Board of Manappuram Finance Limited.