Ugro Capital to raise funds through non-convertible debentures
Meanwhile, the company reported a 132.83 per cent rise in the net profit on a year-on-year (YoY) basis to Rs 32.69 crore in the March 2024 quarter.
Ugro Capital, an MSME lending fintech platform, has announced plans to raise up to Rs 135 crore via the issuance of non-convertible debentures (NCDs).
"We hereby inform you that the Board of Directors of the Company at its meeting held on May 18, 2024, has approved issuance of up to 3,500 Senior, Secured, Rated, Listed, Redeemable, Transferable Non-Convertible Debentures denominated in Indian Rupees, having a face value of Rs 1,00,000 each and an aggregate face value of Rs 35,00,00,000, in dematerialised form, on a private placement basis," the company said in an exchange filing.
It also agreed on the issuance of NCDs aggregating up to Rs 100 crore.
"It has approved issuance of up to 10,000 (ten thousand) Listed, Rated, Senior, Secured, Taxable, Redeemable, Non-Convertible Debentures, having a face value of Rs 1,00,000 each aggregating up to Rs 100,00,00,000 including a green shoe option of up to 5,000 Listed, Rated, Senior, Secured, Taxable, Redeemable, NCDs, each having face value of Rs 1,00,000 aggregating up to Rs 50,00,00,000 in dematerialised form, on a private placement basis," it further said.
Meanwhile, the company reported a 132.83 per cent rise in the net profit on a year-on-year (YoY) basis to Rs 32.69 crore in the March 2024 quarter. The net profit of the compay was Rs 14.04 crore in the year ago period.
According to Anshul Jain, Head of Research, Lakshmishree Investments and Securities Ltd said, “UGRO Capital is witnessing lower levels buying from 219 levels on the back of the strong quarterly result, massive capital raise of 1333 crores and acquisition of MyShubhLife in embedded finance. The recent developments have shown the company's commitment towards its business goals and financial performance in future years. The technical parameters are suggesting a strong uptrend in the coming weeks for the levels of 350-380.”.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
CBI searches 14 locations in connection with alleged Rs 5,717-crore bank fraud by SKS Power Generation: Report
Post Office Scheme for Senior Citizens: How much quarterly amount will you get on Rs 5 lakh, Rs 10 lakh, Rs 15 lakh and Rs 20 lakh investments
Online Scam: Mumbai's software engineer loses Rs 5.14 crore in share trading fraud, tuition teacher and security guard arrested
Top 5 ELSS SIP mutual funds in 3 years: Know current values of Rs 5,000, Rs 10,000, and Rs 15,000 monthly SIPs in each fund
11:15 PM IST