Penny stock under Rs 50 In Green as Board to Raise Rs 27,000 Million by Way of Issuance of Equity Shares, GDRs, ADRs, FCCBs or Other Eligible Securities
As of December 2024, SBI Life Insurance Co. Ltd owns a 9.87 per cent stake and Life Insurance Corporation of India (LIC) owns a 1.35 per cent stake.
On Tuesday, shares of Paisalo Digital Ltd surged 4.52 per cent to an intraday high of Rs 31.88 per share from its previous closing of Rs 30.50 per share.
Paisalo Digital Limited's Board of Directors has approved in principle raising up to Rs 27,000 million through the issuance of equity shares, Foreign Currency Convertible Bonds (FCCBs), and/or other eligible securities. This will be done via preferential allotment, private placement (including qualified institutional placement), or other permissible methods. The issuance is subject to shareholder and regulatory approvals.
The proposed securities include Equity Shares, Global Depository Receipts (‘GDRs’), American Depository Receipts (‘ADRs’), Foreign Currency Convertible Bonds (‘FCCBs’), 1 Non-Convertible Debt Instrument with warrants, and/or other eligible securities. The issuance methods considered are preferential allotment, private placement (including qualified institutional placement), and/or the issuance of Foreign Currency Convertible Bonds and Ordinary Shares through the (Depository Receipt Mechanism) Scheme, 1993, or any other permissible mode, aiming for a total raise of up to Rs 27,000 million.
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About the Company
Paisalo Digital Limited, a listed NBFC registered with the Reserve Bank of India, has a robust distribution network in rural and semi-urban India. Serving over 65 lakh customers through 3275 touchpoints across 22 states, Paisalo is a pioneer in credit distribution and income-generation loans. Facilitating over Rs 3,400 crore in transactions within two years, with a customer base exceeding 59 lakh, Paisalo demonstrates its commitment to financial inclusion. Its business correspondent model, strategic partnerships with banks like SBI and Bank of India, advanced technology, and customer focus enable it to reach underserved regions and provide banking services to India's underbanked population.
According to the financials, the company has a market cap of over Rs 3,200 crore. In its quarterly and nine-month results, the company reported positive numbers. In Q3FY25, the net sales increased by 11.6 per cent to Rs 203.75 crore and the net profit increased by 10.6 per cent to Rs 62.43 crore compared to Q3FY24 while in 9MFY25, the net sales increased by 24.6 per cent to Rs 577.33 crore and the net profit increased by 8.1 per cent to Rs 153.83 crore compared to 9MFY24.
The stock’s 52-week high is Rs 86.82 per share and its 52-week low is Rs 34.48 per share. As of December 2024, SBI Life Insurance Co. Ltd owns a 9.87 per cent stake and Life Insurance Corporation of India (LIC) owns a 1.35 per cent stake. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.