LIC's portfolio penny stock under Rs 50 in green as Board allocates 600 commercial papers to State Bank of India
The stock’s 52-week high is Rs 95.45 per share and its 52-week low is Rs 34 per share.
On Tuesday, shares of Paisalo Digital Ltd jumped 3.24 per cent to Rs 36.96 per share from its previous closing of Rs 35.80 per share. The stock’s 52-week high is Rs 95.45 per share and its 52-week low is Rs 34 per share.
The Operations and Finance Committee of Paisalo Digital Limited's Board of Directors has approved the issuance of 600 Commercial Papers (CPs) through a private placement to the State Bank of India. These listed CPs, each with a face value of Rs 5,00,000, were issued at Rs 486,594.50, totalling an issue value of Rs 291,956,700. The CPs, yielding 11.05 per cent, will mature in 91 days, with an allotment date of March 11, 2025, and a redemption date of June 10, 2025, resulting in a redemption value of Rs 300,000,000. IDBI BANK LTD. served as the Issuing and Paying Agent (IPA) for this transaction.
Paisalo Digital Limited, a listed NBFC registered with the Reserve Bank of India, has a robust distribution network in rural and semi-urban India. Serving over 65 lakh customers through 3275 touch points across 22 states, Paisalo is a pioneer in credit distribution and income-generation loans. Facilitating over Rs 3,400 crore in transactions within two years, with a customer base exceeding 59 lakh, Paisalo demonstrates its commitment to financial inclusion. Its business correspondent model, strategic partnerships with banks like SBI and Bank of India, advanced technology, and customer focus enable it to reach underserved regions and provide banking services to India's underbanked population.
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According to the financials, the company has a market cap of over Rs 3,000 crore. In its quarterly and nine-month results, the company reported positive numbers. In Q3FY25, the net sales increased by 11.6 per cent to Rs 203.75 crore and the net profit increased by 10.6 per cent to Rs 62.43 crore compared to Q3FY24 while in 9MFY25, the net sales increased by 24.6 per cent to Rs 577.33 crore and the net profit increased by 8.1 per cent to Rs 153.83 crore compared to 9MFY24.
As of December 2024, SBI Life Insurance Co. Ltd owns a 9.87 per cent stake and Life Insurance Corporation of India (LIC) owns a 1.35 per cent stake. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.