Arka Fincap Limited raises INR 105 crore via NCDs

Arka Fincap Limited, a wholly-owned subsidiary of Kirloskar Oil Engines Limited (KOEL) and a part of India's leading conglomerate Kirloskar Group raised INR 105 crore via Non-Convertible Debentures (NCDs) on a private placement basis.

The Asset Liability Committee approved the issuance of 1050 secured, redeemable, listed, rated Non-Convertible Debentures (NCDs) aggregating up to INR 105 crore of the face value of INR 10 lakh each, for a maximum tenure of three years. The debentures are listed on the BSE Ltd.

Commenting on the occasion, Mr. Amit Gupta, Head - Resources & Corporate Finance, Arka Fincap Limited said, "Raising funds during the outbreak of the pandemic depicts the strength, intrinsic values, and the strong business model of the company. This capital infusion will strengthen our position and build a healthy balance sheet which would further enable us to continue with our journey of providing financial support to our valuable customers".

Having commenced its official operations in 2019, Arka is focused on providing structured term financing solutions to corporates, real estate & loans to Micro, Small, and Medium Enterprise (MSME) borrowers.

Shares of KIRLOSKAR OIL ENGINES LTD. was last trading in BSE at Rs.109.75 as compared to the previous close of Rs. 114.85. The total number of shares traded during the day was 23732 in over 791 trades.

The stock hit an intraday high of Rs. 119.15 and intraday low of 108. The net turnover during the day was Rs. 2753711.

Source : Equity Bulls

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