SBI and LIC backed multibagger NBFC stock: The company secures a sanction and disbursement of Rs 200 crores from IREDA; the board approves private placement of Rs 20,34,00,000 through NCDs!
The stock gave multibagger returns of 185.05 per cent in a year BSE Small-Cap Index is up by 67.84 per cent.
Paisalo Digital Ltd secures a significant sanction and disbursement of Rs. 200 Crores from Indian Renewable Energy Development Agency Limited (NSE: IREDA), earmarked for further investment in the burgeoning E-Mobility Sector. Embracing IREDA's vision to foster the growth of electric vehicles, the company pledges to contribute to India's sustainability efforts by reducing carbon emissions and curbing reliance on fossil fuels.
Additionally, Paisalo Digital Limited's Operations and Finance Committee, through a resolution dated February 27, 2024, has approved the allotment of 2034 Secured Rated Listed Redeemable Non-Convertible Debentures, each with a face value of Rs 1,00,000, totalling Rs. 20,34,00,000 through private placement. Additionally, the committee has sanctioned the part redemption, via call option, of Unsecured Unlisted Redeemable Non-Convertible Debentures worth Rs. 9 crore, originally issued on September 27, 2021, with an actual maturity date of September 26, 2026.
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Earlier, The Board of Directors has approved the issue of bonus shares in the ratio of 1:1 i.e. one new bonus equity share of Rs 1 each for every one existing equity share of Rs 1 each held by the shareholders of the company as on the record date. The company fixed the record date as Wednesday, March 20, 2024.
Additionally, the company have allocated 600 commercial papers worth Rs 4,86,653.50 each aggregating to Rs 29,19,92,100 with an 11 per cent yield and tenure is 91 days from the date of allotment with a redemption value of Rs 30,00,00,000.
According to the financials, the company has a market cap of over Rs 7,500 crore. In its Quarterly Results and annual results, the company reported positive numbers. As of December 2023, the promoters of the company bought 57,01,258 shares and increased their stake to 48.86 per cent compared to 47.05 per cent in September 2023.
The stock gave multibagger returns of 185.05 per cent in a year BSE Small-Cap Index is up by 67.84 per cent.
Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.