Hot Stock: This micro-cap company - DELPHIFX announces an offer for sales (OFS) of 16,30,000 equity shares by its promoters – floor price inside!

The stock is up by 33 per cent from its 52-week low.

Delphi World Money Ltd announced that the Board of Directors have approved the offer for sales (OFS) of 16,30,000 equity shares of Delphi World Money Limited (the company) by its promoter, EbixCash World Money Limited. This sale, known as the OFS, represents 14.65 per cent of the company's total paid-up equity share capital.

The sale will take place over two trading days on the BSE Limited. Non-retail investors can participate on December 18, 2023, between 9:15 a.m. and 3:30 p.m. On the following day (December 19, 2023), the offer continues for Retail investors and non-retail investors who want to carry forward their bids.

The base offer size is 16,30,000 shares, and SMC Global Securities Limited will handle the settlement. The floor price of the offer is set at Rs 304 per equity share with no discount for retail investors. The seller can withdraw the sale before opening on T Day, with a 10-day cooling-off period before another offer for sale can be made through the stock exchange mechanism.

This OFS represents a significant change in ownership of Delphi World Money Limited, as the promoter is selling a substantial portion of its shares.

Headquartered in Mumbai, Delphi World Money Ltd, a prominent foreign exchange specialist, seamlessly navigates the financial needs of corporate and retail clients, offering integrated solutions for foreign exchange transactions, remittances in both directions, prepaid cards, gift cards, and even travel insurance.

The company has a market cap of Rs 394 crore. According to the Quarterly Results (Q2FY24) and annual results (FY23), the company reported positive numbers. As of September 2023, the promoters of the company own 89.55 per cent stake in the company and the rest of the 10.45 per cent stake is owned by the public.

On Wednesday, shares of Delphi World Money Ltd plunged 1.88 per cent to Rs 354.20 per share with an intraday high of Rs 358.70 and an intraday low of Rs 351.60. The stock is up by 33 per cent from its 52-week low of Rs 267.85 per share.

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