ManappuramFinance Ltd. plans to issue up to 20 billion rupees of securednonconvertible debentures on a private placement basis, subject toshareholders' approval.

The redeemable debentures will be issued in one or moretranches, according to a July 15 document.

In addition, the company said Pradeep Saxena will step downas a director upon the completion of his term. He was in 2014 and has decided not toseek re-election.

As of July 14, US$1was equivalent to 66.87 Indian rupees.