SBI’s & LIC's Portfolio Penny Stock Under Rs 50 in Focus as Board to Meet on January 13 to Consider Equity Share Allotment on Conversion of FCCBs

SBI’s & LIC's Portfolio Penny Stock Under Rs 50 in Focus as Board to Meet on January 13 to Consider Equity Share Allotment on Conversion of FCCBs

Kiran Shroff
/ Categories: Trending, Penny Stocks

As of September, the company's promoters bought 45,19,710 shares and increased their stake to 52.38 per cent compared to 51.66 per cent in June 2024.

On Monday, shares of Paisalo Digital Ltd gained 0.4 per cent to Rs 44 per share from its previous closing of Rs 43.83 per share. The stock’s 52-week high is Rs 99.63 per share and its 52-week low is Rs 40.40 per share.

Paisalo Digital Limited has announced that its Board of Directors will convene on Wednesday, January 15, 2025, to deliberate on the allotment of Equity Shares. This action follows the receipt of a conversion notice for a portion of the company's foreign currency convertible bonds (FCCBs). Prior to this meeting, the company also disclosed the convening of a Committee Meeting to specifically address the allotment of Equity Shares upon the conversion of these FCCBs.

Paisalo Digital Limited, a leading NBFC, has achieved a remarkable milestone, facilitating over Rs 3,400 crores in transactions within two years while serving a customer base exceeding 59 lakh. This success underscores its commitment to financial inclusion, driven by a strong network of business correspondents and strategic partnerships with major banks like SBI and Bank of India. Paisalo Digital's innovative business correspondent model, coupled with advanced technology and a focus on customer needs, has enabled it to reach underserved regions and provide seamless banking services to India's underbanked population, solidifying its position as a key player in driving financial inclusion across the nation.

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About the Company

Paisalo Digital Limited is a non-deposit-taking NBFC registered with the Reserve Bank of India. It is a thriving listed NBFC with a robust distribution network in rural and semi-urban areas of India. Having serviced over 65 lakh+ customers and 3275 touch points across 22 states in the country, Paisalo is currently at the forefront and a pioneer in seamless credit distribution services and administration of income-generation loans.

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. According to the financials, the company has a market cap of over Rs 3,800 crore. In its Quarterly Results and annual results, the company reported positive numbers. As of September, the company's promoters 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 8.9 per cent from its 52-week low of Rs 40.40 per share. Investors should keep an eye on this Small-Cap stock.

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

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