5paisa to raise Rs 250.78 crore

By: |
April 15, 2021 3:00 AM

The board of directors has approved raising of capital at Rs 500 per equity share, which is at a 70% premium to Tuesday’s market price of Rs 293 per share.

The business has been witnessing rapid growth. In the midst of growing number of players, 5paisa has carved out a robust customer franchise.The business has been witnessing rapid growth. In the midst of growing number of players, 5paisa has carved out a robust customer franchise.

Discount broker 5paisa on Wednesday said it would raise Rs 250.78 crore via preferential issue of equity shares and warrants. The proposed investors for preferential allotment are Ward Ferry, Fairfax and RIMCO and warrants are being subscribed to by the promoters, Nirmal Jain, Madhu Jain and R Venkataraman.

The board of directors has approved raising of capital at Rs 500 per equity share, which is at a 70% premium to Tuesday’s market price of Rs 293 per share.

Prakarsh Gagdani, chief executive officer, said, “Investment from such marquee investors and promoters is a strong vote of confidence on our business model. The business has been witnessing rapid growth. In the midst of growing number of players, 5paisa has carved out a robust customer franchise. The availability of equity funds will help the company accelerate its investment in customer centric technology and sustain the pace of growth.”

The preferential issue is subject to the approval of shareholders and other necessary approvals.

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