Indian microfinance services provider Asirvad Microfinance Ltd, a unit of Manappuram Finance Ltd, is preparing to secure approximately 500 crore rupees ($70.9 million) from private equity (PE) funds.
In addition, before of the fundraising, Asirvad intends to fetch $21.2 million from promoters via a rights issue.
The company plans to use the funds to back its development.
Asirvad Microfinance is in talks with private equity funds as it seeks for an investment banker.