Arman Financial raises Rs115 crore via preferential issue; stock rises ~2%

29 Sep 2022 , 12:14 PM

Arman Financial Services Limited announced that its Board of Directors has approved the preferential allocation of securities worth Rs115 crore to marquee investors.

The company stated that investors who are not promoters will be given preferential treatment in the allocation of 6,24,388 Unsecured Compulsorily Convertible Debentures.

The entire sum raised is estimated to be Rs76.80 crore. Among the notable investors are funds managed by Singapore-based Sixteenth Street Capital and the United States-based Seven Canyons Advisors. Other investors include both domestic and international investors.

The company also envisaged allotment of 3,10,972 non-promoter Optionally Convertible Redeemable Preference Shares (OCRPS) on a preferential basis. The entire sum raised is estimated to be Rs38.25 crore. Individuals and family offices are among the investors.

Arman Financial Services is a Category-A Non-Banking Finance Company (NBFC) located in Ahmedabad that predominantly lends in the Two-Wheeler, Micro-Enterprise (MSME), and Microfinance segments.

At around 12.20 PM, Arman Financial Services was trading at Rs1,319.75 apiece, up by 1.86% from its previous closing of Rs1,295.60 on the BSE. The scrip touched intraday high and low of Rs1,338.95 and Rs1,311.50 respectively. 

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