SBI’s & LIC's Portfolio Penny Stock Under Rs 50 Jumps After Major Update; Complete Details Inside
The stock is up by 19.3 per cent from its 52-week low of Rs 40.40 per share.
On Friday, shares of Paisalo Digital Ltd jumped 4.5 per cent to Rs 48.19 per share from its previous closing of Rs 46.13 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.
On January 16, 2025, the Board of Directors of Paisalo Digital Limited approved critical changes to its ongoing preferential issue. After reviewing documents and addressing the qualifications of the proposed allottees, the Board revised the allottee list, reducing the issue size to Rs 1,96,63,89,200. This decision necessitated issuing a corrigendum to the Notice of the Extraordinary General Meeting (EGM) scheduled for January 22, 2025, to reflect these changes. The updated notice aims to ensure compliance with SEBI's Listing Obligations and Disclosure Requirements and was authorised for circulation to all members who received the original EGM notice.
The revised list of allottees includes prominent public, non-promoter entities, demonstrating Paisalo Digital's commitment to attracting diversified investors while adhering to regulatory standards. Notable funds in the allottee list include Elysian Wealth Fund, Hello Money Advisors LLP, M7 Global Fund PCC - Cell Dewcap Fund, Nova Global Opportunities Fund PCC - Touchstone, Unico Global Opportunities Fund Limited, Citrine Fund Limited, Kingsman Wealth Fund PCC KIF II, and Abhilash Growth Fund Pvt Ltd. These strategic changes reflect the company’s dedication to transparency and careful execution of its fundraising initiatives.
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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. Paisalo Digital Limited, a leading NBFC, has achieved a remarkable milestone, facilitating over Rs 3,400 crore 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.
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 4,200 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 19.3 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.