SBI & LIC Backed Penny Stock Under Rs 60; Board Approved Raising Funds by Issuance of Secured Foreign Currency Convertible Bonds up to USD 75 Million
The stock is up by 29 per cent from its 52-week low of Rs 40.15 per share.
On Friday, shares of Paisalo Digital Ltd plunged 2.40 per cent to Rs 50.83 per share from its previous closing of Rs 52.08 per share with an intraday high of Rs 51.99 per share and an intraday low of Rs 49.72 per share. The stock’s 52-week high is Rs 99.63 per share and its 52-week low is Rs 40.15 per share.
Under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Paisalo Digital Ltd informed that the FCCB Committee of the Board of Directors has approved the issuance of up to USD 75 million in 7.5% Secured Foreign Currency Convertible Bonds in one or more tranches, maturing in 5 years, subject to RBI's ECB guidelines. The issuance commenced on November 28, 2024, which is also the 'Relevant Date' for determining the floor price of Rs 45.33 per equity share, as per the FCCB Scheme.
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Established in 1992, Paisalo Digital Ltd, a non-deposit NBFC operating out of Delhi (registered office) and Agra (head office), empowers businesses and individuals through a range of financial products like business loans, SME & MSME loans, and income generation loans for entrepreneurship. As of September 2024, SBI Life Insurance Co. Ltd owns a 9.92 per cent stake, the State Bank of India (SBI) owns 1.23 per cent and Life Insurance Corporation of India (LIC) owns a 1.35 per cent stake in the company.
According to the financials, the company has a market cap of over Rs 4,500 crore. In its Quarterly Results and annual results, the company reported positive numbers. As of September, the promoters of the company bought 45,19,710 shares and increased their stake to 52.38 per cent compared to 51.66 per cent in June 2024. The stock is up by 29 per cent from its 52-week low of Rs 40.15 per share. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.