Ugro Capital plans to raise Rs 1,315 crore via convertible debentures and rights issue of shares
Ugro Capital
, a non-banking finance company lending to the small and medium sized business units, has announced raising up to Rs 1315 crore through a combination of preferential allotment of compulsorily convertible debentures (CCDs) and rights issue of shares.
The company with assets under management of Rs 12000 crore said that it received board approval for raising up to Rs 915 crore through CCDs and up to Rs 400 crore through rights issue.
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by Taboola
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The CCDs will be issued at a conversion price of RS 185 per share. The company's share price fell 1.49% to Rs 189.05 on BSE. The terms of the rights issue would be determined in the next board meeting, in line with terms of preferential allotment, the company said Tuesday.
It said that Samena Capital and its private equity funds currently owning 7.49% together committed up to Rs 500 crore and would become a large institutional shareholder of it. IFU – the Investment Fund for Developing Countries, a Danish impact investor, owns 16.35% in Ugro Capital.
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