GeeCee Ventures enters into MOU with M Power Micro Finance

The proposed transaction of investment in equity shares is subject to the financial and legal due diligence of M Power Micro Finance & regulatory approvals and clearances as may be required.

Nov 09, 2016 05:11 IST India Infoline News Service

Stock Market
GeeCee Ventures has entered into a Memorandum of Understanding with M Power Micro Finance to acquire up to 35% of the equity capital of M Power Micro Finance, a Non - Banking Financial company and is into micro finance industry.

The proposed transaction of investment in equity shares is subject to the financial and legal due diligence of M Power Micro Finance and regulatory approvals and clearances as may be required.

Stock Commentary:

Geecee Ventures Ltd ended at Rs 127.45, down by Rs 4.4 or 3.34% from its previous closing of Rs 131.85 on the BSE.

The scrip opened at Rs 123.85 and touched a high and low of Rs 129.9 and Rs 110.25 respectively. A total of 58851(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 286.46 crore.

The BSE group 'B' stock of face value Rs 10 touched a 52 week high of Rs 219.95 on 28-Jul-2016 and a 52 week low of Rs 83.7 on 17-Feb-2016. Last one week high and low of the scrip stood at Rs 142.9 and Rs 131 respectively.

The promoters holding in the company stood at 68.21% while Institutions and Non-Institutions held 0.02% and 31.78% respectively.

The stock traded below its 100 DMA.

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