45 per cent returns from its 52-week low: Micro-cap stock in green after company announced OFS of 16,30,000 equity shares by its promoters!

. The shares of the company saw a spurt in volume by more than 2.39 times on BSE.

In a major shift, Delphi World Money Ltd.'s promoter, EbixCash World Money Limited, is putting 16.30 lakh shares, representing 14.65 per cent of the company's ownership, up for sale through an Offer for Sale (OFS) on the BSE Limited. This two-day event begins today, December 18th, 2023, for non-retail investors, followed by retail and carry-forward bids on December 19, 2023.

With a minimum price of Rs 304 per share and no discounts for retail buyers, the base offer stands at 16.30 lakh shares. SMC Global Securities Limited will handle the settlement process, but the seller retains the right to withdraw before market opening on T Day, with a 10-day cool down before attempting another OFS. This marks a significant change in ownership for Delphi World Money Ltd., as its promoter relinquishes a substantial portion of its stake.

This move has the potential to impact the company's future direction and share price, making it a noteworthy event for investors and stakeholders alike. The Offer shall open on December 18, 2023 (for Non- Retail Investors only) and on December 19, 2023 (for Retail Investors and Non- Retail Investors who choose to carry forward their bids) through a sale on the separate designated window to be provided by BSE Limited only.

Headquartered in Mumbai, Delphi World Money Ltd, a prominent foreign exchange specialist, seamlessly navigates the financial needs of corporate and retail clients, offering integrated solutions for foreign exchange transactions, remittances in both directions, prepaid cards, gift cards, and even travel insurance.

The company has a market cap of Rs 433.1 crore. According to the Quarterly Results (Q2FY24) and annual results (FY23), the company reported positive numbers. As of September 2023, the promoters of the company own 89.55 per cent stake in the company and the rest of the 10.45 per cent stake is owned by the public.

On Friday, shares of Delphi World Money Ltd gained 3.55 per cent to Rs 389.20 per share with an intraday high of Rs 411 and an intraday low of Rs 385. The shares of the company saw a spurt in volume by more than 2.39 times on BSE. The stock is up over 45 per cent from its 52-week low of Rs 267.85 per share.

Disclaimer: The article is for informational purposes only and not investment advice.