Promoter bought 7,39,112: SBI & LIC’s portfolio penny stock under Rs 65 in green as Board is likely to raise funds via preferential issue
The stock is up by 52.52 per cent from its 52-week low of Rs 40.40 per share.
On Wednesday, shares of Paisalo Digital Ltd gained 1.13 per cent to Rs 61.89 per share from its previous closing of Rs 60.93 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.
Update 1: The Board of Directors of Paisalo Digital Limited is scheduled to be held on December 23, 2024, inter alia, to consider, evaluate and approve a proposal to raise funds by way of issuance of equity shares and/or convertible warrants and/or other securities of the company by way of preferential issue on a private placement basis, subject to such statutory/regulatory approvals as may be required including the approval of the shareholders of the Company.
Update 2: The Operations and Finance Committee of the Board of Directors of Paisalo Digital Limited, in its meeting held on Wednesday, December 11, 2024, approved the issuance of Commercial Papers (CPs) worth up to Rs 90 crore on a private placement basis. Additionally, the Committee approved the allotment of 600 Listed Commercial Papers (CPs) worth Rs 30 crore to the State Bank of India, with a face value of Rs 5 lakh each, at a yield of 10.95 per cent. These CPs have a tenure of 91 days and will mature on March 12, 2025. IDBI Bank Ltd. has been appointed as the Issue and Paying Agent for this issuance.
On December 09, 2024, the promoter of the company - EQUILIBRATED VENTURE CFLOW (P) LTD bought 7,39,112 shares via the open market.
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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 5,500 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 52.52 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.