Arman Financial Services Ltd completes QIP of INR 230 Crores

Arman Financial Services Ltd. (NSE: ARMANFIN; BSE: 531179), a Gujarat-based nonbanking financial Company (NBFC), with interests in microfinance, micro-enterprise (MSME) loans and two-wheelers loans, has announced the successful undertaking of its Qualified Institutional Placement (QIP) by raising INR 230 Crores. The QIP saw interest from investors like WhiteOak, Sundaram Mutual Fund, UTI Mutual Fund, Kotak Life, amongst many others.

Issue Details:

Size of QIP: INR 230 Crores / 10,47,835 Shares
Price per Share: INR 2195 per equity share, with a face value of Rs. 10.
Total Shares Outstanding (Fully Diluted) Post Allotment: 1,04,76,774.
Fully Diluted Net Worth Post QIP Allotment (Q2:FY24 Balance Sheet): 733 Crores

Commenting on fundraise, Mr. Jayendra Patel, Vice-Chairman and Managing Director said: "The completion of our QIP is a milestone in our journey towards enhancing financial services in rural India. Post Listing of the newly issued shares, our capital base will increase significantly which in turn will increase capital adequacy to fuel our continued growth trajectory. This will not only enable us to solidify our position in existing markets but also to expand into new rural territories. It will enable us to strengthen our business model and unlock new opportunities in the ever-evolving landscape of the industry.

Arman has demonstrated an in-depth understanding of the rural financial landscape during both up-cycles and down-cycles and at its core, remains a very conservative business with a keen sense for balancing risk and growth.

Committed to its vision of financial inclusion, Arman is determined to bridge the gap between rural India and mainstream financial services. This successful QIP marks an essential chapter in the company's journey towards achieving this vision."

Shares of Arman Financial Services Limited was last trading in BSE at Rs. 2606.95 as compared to the previous close of Rs. 2646.45. The total number of shares traded during the day was 22772 in over 3649 trades.

The stock hit an intraday high of Rs. 2638.15 and intraday low of 2404.00. The net turnover during the day was Rs. 57950731.00.

Source : Equity Bulls

Keywords

ArmanFinancialServices INE109C01017 FundRaising QIP