NBFC Srestha Finvest to raise funds via QIP - Details
According to the company, the total number of securities proposed to be issued is up to an aggregate amount not exceeding Rs 200 Crores.
Non-banking financial company (NBFC) Srestha Finvest has announced raising funds by way of issuance of equity shares in one or more tranches. According to the company, the total number of securities proposed to be issued is up to an aggregate amount not exceeding Rs 200 Crores.
"Raising of funds by way of issuance of such number of equity shares having face value of Re.1/- each (Rupee One Only) of the Company, for an aggregate amount not exceeding Rs.200 Crores (Rupees Two Hundreds Crores only) by way of Qualified Institutional Placement (“QIP”)," the company said in an exchange filing.
QIP or Qualified Institutional Placement is a process that enables the listed companies to raise funds. It allows companies to issue securities, such as equity shares or debentures, to a select group of institutional investors, known as Qualified Institutional Buyers (QIBs).
Earlier, the company approved a 1:2 stock split i.e. each existing stock with Rs 2 face value will be divided into two Re 1 face value shares.
"..approved and recommended for sub-division of Company’s 1 (One) Equity Share of Face Value of Rs. 2/- each into 2 (Two) Equity Shares of Face Value of Re. 1/- each held as on the Record date which shall be decided for this purpose," the company said in an exchange filing.
The company said that it is intended to enhance market liquidity, broaden the shareholder base, and make shares more accessible to small investors.
The company said the record date for finalising the eligible stockholders for the corporate action will be declared later.
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01:26 PM IST