SBI’s & LIC's Portfolio Penny Stock Under Rs 50 Jumps Over 5 Per Cent As Board Approved Allotment of 37,35,274 Equity Shares on Conversion of FCCBs
Including SBI Life Insurance Co. Ltd (9.92 per cent stake), State Bank of India (1.23 per cent), and Life Insurance Corporation of India (1.35 per cent).
Shares of Paisalo Digital Ltd experienced a significant surge on Wednesday, closing at Rs 46.70 per share, a robust 5 per cent increase from the previous day's closing of Rs 44.29 per share. This bullish sentiment was accompanied by a notable rise in trading volume, exceeding the prior day's levels by over 1.01 times.
FCCB Conversion Fuels Growth
The company's positive momentum received a further boost from the successful conversion of 2,000 Foreign Currency Convertible Bonds (FCCBs). The company's FCCB Committee approved the allotment of 37,35,274 equity shares upon this conversion. This strategic move resulted in an increase in the company's fully paid-up equity capital to Rs 90,17,79,254.
A Leading Player in Financial Inclusion
Paisalo Digital Limited, a prominent non-banking financial company (NBFC) registered with the Reserve Bank of India, plays a crucial role in enhancing financial inclusion across India. With a strong presence in rural and semi-urban areas, the company has established a robust distribution network, reaching over 65 lakh customers through 3,275 touchpoints spanning 22 states. The company has demonstrated a remarkable growth trajectory, facilitating over Rs 3,400 crore in transactions within a span of just two years while serving a customer base exceeding 59 lakh. This impressive performance underscores the company's commitment to providing seamless credit distribution services and administering income-generation loans.
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Strong Investor Confidence
Paisalo Digital enjoys the backing of prominent investors, including SBI Life Insurance Co. Ltd (9.92 per cent stake), State Bank of India (1.23 per cent), and Life Insurance Corporation of India (1.35 per cent). The company's market capitalization currently exceeds Rs 4,000 crore. Further bolstering the positive outlook, company promoters demonstrated their confidence by increasing their stake to 52.38 per cent in September 2024, up from 51.66 per cent in June.
Disclaimer: The article is for informational purposes only and not investment advice.