UGRO Capital, an NBFC focused on MSME lending, has informed exchanges about the successful completion of its equity capital raise and the allotment of Compulsory Convertible Debentures (CCD) and warrants worth Rs 1,265 crore.
The company’s board had approved an equity capital raise of Rs 1,332.66 crore during a board meeting on May 2, 2024, UGRO said in an exchange filing. UGRO Capital received shareholders’ approval on June 1, 2024, a period filled with uncertainty surrounding the election results and the resultant market fluctuations.
“However, investor commitment in UGRO remained robust. All investors, except the ones who became ineligible for regulatory reasons, invested full money in UGRO. The company successfully allotted CCDs worth INR 258 crores and warrants worth INR 1,007 crores, with strong backing from existing private equity investor Samena Capital, which committed INR 500 Crores through Warrants. Other significant commitments came from institutional investors such as Aregence and several of India’s marquee family offices. UGRO’s founder, board members, and management team also subscribed to the Warrants issue,” the company said in the exchange filing.
These warrants can be exercised within 18 months from the date of allotment, with subscribers paying 25 per cent of the issue price now and the remaining amount payable 18 months later, it said, adding that this capital raise marks the third for UGRO Capital.
from Latest News, Breaking News, LIVE News, Top News Headlines, Viral Video, Cricket LIVE, Sports, Entertainment, Business, Health, Lifestyle and Utility News | India.Com https://ift.tt/lsNDAK0