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Prime Securities Ltd to issue shares to marquee investors

Posted On: 2021-10-13 14:53:40 (Time Zone: IST)


The Board of Directors of Prime Securities Ltd, at their Meeting held today, i.e. October 13,2021, has considered and approved the issue of up to 45,50,000 Equity Shares of face value of Rs. 5/- each ("Equity Shares") of the Company, on a Preferential Basis, at a price of Rs. 88.75 per Equity Share, aggregating Rs. 40,38,12,500/- to the following Investors:

Meridian Investments - 19,00,000 shares - 16,86,25,000
Anand Jain - 12,00,000 shares - 10,65,00,000
Himanshi Kela - 5,00,000 shares - 4,43,75,000
McJain Infoservices Private Limited - 4,00,000 shares - 3,55,00,000
Samir Arora - 3,00,000 shares - 2,66,25,000
Latika Ahuja - 2,50,000 shares - 2,21,87,500

The board also approved convening of Extraordinary General Meeting of the Shareholders of the Company on Wednesday, November 10, 2021, for the purpose of obtaining their approval to issue of Equity Shares on a preferential basis by way of a Special Resolution.

In addition to the surpluses that the Company currently has, it is proposed to raise approximately INR 40 crores, for making investments in one or more digitally powered platforms or marketplaces, either by building from scratch or acquiring one or more existing enterprises with the above characterised assets or any other digitally enabled business that could enhance the Prime services offering.

Further, as important as the money itself, we have sought to onboard marquee, best-in-class investors of the Indian capital markets, especially those who straddle both, the old economy and new age enterprises. This is a strong reaffirmation of the proposed Prime 3.0.

This equity funding round is led by Meridian Investments (family office entity of TV Mohandas Pai) and includes Anand Jain (eminent serial entrepreneur and investor), Himanshi Kela (family of Madhusudan Kela), McJain Infoservices Private Limited (entity owned by Tarun Jain), Samir Arora (eminent fund manager) and Latika Ahuja (ex-banker and seasoned investor).

These investors would significantly embellish the current cap table of Prime; especially critical, as the Company embarks on a bold new plan that encompasses the steady cash flows of the traditional Investment Banking business with the exciting upsides of unfettered digital growth being undertaken.

While the current Investment Banking business is a melting pot of relationships, structuring and execution, thereby making it people dependent, a digitally crafted platform using Artificial Intelligence and oilier tools would enable Prime's services to become more globally accessible, more templated and significantly less people dependent, enhancing annuity in the process.

Shares of Prime Securities Limited was last trading in BSE at Rs. 104.85 as compared to the previous close of Rs. 99.90. The total number of shares traded during the day was 1137 in over 13 trades.

The stock hit an intraday high of Rs. 104.85 and intraday low of 104.85. The net turnover during the day was Rs. 119214.00.


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