Arman Financial rises as board approves preferential issue

29 Sep 2022 , 01:00 PM

The company alloted 6,24,388 unsecured compulsorily convertible debentures (CCDs) on preferential basis to investors belonging to non-promoter category. The total amount raised aggregated to 76.80 crore. Some of the marquee investors include funds controlled by Singapore based Sixteenth Street Capital and USA based Seven Canyons Advisors. Other investors include both domestic and foreign individuals. The company also allotment of 3,10,972 optionally convertible redeemable preference shares (OCRPS) on preferential basis belonging to non-promoter investors. The total amount raised stood at Rs 38.25 crore. The investors include a mix of individuals and family offices. Jayendra Patel, vice-chairman and managing director said, ?The mix of Tier I & II equity capital will be used to fund our targeted growth plans of approximately Rs 2500 crore with a healthy capital adequacy and debt-equity ratio by leveraging our presence in the MFI, MSME, twowheeler, and other loan segments which will enable us to achieve a sustained growth momentum in the coming few quarters.? Arman Financial Services is a category A Non-Banking Finance Company (NBFC) active in the 2-wheeler, MSME, and microfinance lending business. The group operates primarily in unorganised and underserviced segments of the economy. It mainly serves niche rural markets in Gujarat, Madhya Pradesh, Uttar Pradesh, Maharashtra, Uttarakhand, Rajasthan, Haryana & Bihar through its network of 286 branches. On a consolidated basis, the companys net profit jumped 340.1% to Rs 15.71 crore on 58.8% increase in total income to Rs 78.90 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News