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Business Standard
3 days ago
- Business
- Business Standard
UGRO Capital announces Rs 400 crore rights issue at Rs 162 per share
UGRO Capital on Saturday announced a Rs 400 crore rights issue at Rs 162 per share, the company said in a press release. The board had on May 20 announced a Rs 915 crore of preferential compulsorily convertible debentures (CCD) issuance and a concurrent proposal to offer up to Rs 400 crore on a rights basis to existing public shareholders. Under the approved terms, this pro-rata offering ensures that all existing public shareholders have a fair opportunity to maintain their stake and guard against dilution as the company continues to expand its balance sheet and deepen its DataTech advantage in serving India's underserved micro, small and medium enterprises (MSMEs), the press release said. Shachindra Nath, founder and managing director of UGRO Capital, said, 'We are consistently adding Rs 3,000 crore in AUM (asset under management) year-on-year. This capital raise would ensure that our growth trajectory remains unhindered. Our growing AUM and profitability, coupled with a strengthened capital adequacy ratio post this infusion, position UGRO to scale its credit delivery and support the financial needs of small businesses across India.' The rights issue builds on the company's recent performance, which saw assets under management grow to Rs 12,003 crore and profit before tax more than double to Rs 203 crore in the financial year 2024-25 (FY25), while maintaining a healthy capital adequacy ratio. InCred Capital and SNG & Partners are serving as financial advisor and legal advisor, respectively, for this rights issue as well as for equity capital raise. In addition to preferential allotment, in the proposed rights issue, IFU, the investment fund for developing countries, a Danish impact investor which is an affiliate of Danish government and existing investor of UGRO owning 16.35 per cent, have committed Rs 150 crore, UGRO Capital said. Promoter, promoter group and employees have also reaffirmed their commitment by contributing Rs 34 crore via CCD and rights issue, it added.
Time of India
25-04-2025
- Business
- Time of India
Axis Bank a buy after recent correction; prefer Canara Bank over SBI among PSBs: Pramod Amthe
Pramod Amthe , Head of Institutional Equity Research, InCred Capital , says though they are overweight on financial services , strategic adjustments are underway, favoring companies with growth-oriented approaches and improved liquidity . Axis Bank 's recent correction presents a buying opportunity, capitalizing on easing interest rates and credit availability . While quality stocks and safer banks initially thrived, others are expected to follow suit. Amthe favours Canara Bank over State Bank of India within the PSU banking sector. Help us with your take on the markets because from those March lows, what a move that Indian markets have seen! But given the up move, what is the strategy that you are building at this point in time? Are we comfortably sitting in terms of the valuation and also what is your outlook when it comes to the broader end? Pramod Amthe : Valuation comfort is definitely there, but the concern is, we still do not seem to be bottoming out on earnings in spite of being seasonally strong quarter March. The expectations are pretty tepid. Just around 2% QoQ growth in the Nifty 50 earnings versus a full year and a single digit YoY growth that does not give a confidence of earnings to sustain and events of geopolitical tensions bring in negative surprises and test case the earnings volatility. That is not factored in fully to the extent the bounce back came in where the participation from small and midcaps have been much sharper, with almost twice the momentum as compared to the largecaps. That gives us some amount of concern. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Many of these companies may not be as well balanced to handle international as well as domestic geopolitical tensions. So, we remain cautiously optimistic in that sense. You just said that despite a seasonally strong quarter, Q4 earning consensus EPS expectations has been in just single digit of 8% on a year-on-year basis. There has been no respite on the EPS downgrade trend as yet. When do you see a reversal coming in and also was not the earnings downgrade already priced in when we saw that draw down? Pramod Amthe: It has to be seen in the context of how the macro effort by both the Government of India and RBI will play out. Our sense is we will get some handle about the outlook management commentary from the April-May for the full year and people will bake in those numbers first. Second, we need to see some revival at the end markets by both interest rate reduction and also from the income tax reduction. So, hopefully from July-August, we should be preparing for some settlement and then a demand which should ultimately dry down and should set in the better expectations for the rest of the year. That might be a couple of more months unless and until we see some shocks like what we are currently going through. Other than that, we expect the bottoming to happen somewhere in the mid or the early part of September quarter for the EPS momentum. Live Events You Might Also Like: Buy the dip in case of a big gap-down opening on Monday; 2 stocks to pick: CA Rudramurthy BV Help us with your take on the financials because the harsh reality is that going ahead we will be witnessing some rate cuts which does not bode well for the financial counters. But despite the fact it is Nifty Bank that is at all-time high levels including some of the largecap names, valuation was comforting, but how are you looking at the financial space right now? Are you bullish or cautious on the markets right now? Pramod Amthe : If you look at it top-down, we are overweight on the entire financial services, but we are more selective. What we are incrementally changing is clearly the central bank is more in favour of growth orientation and improving liquidity where we have upgraded Axis Bank which today's correction on the management commentary gives an opportunity to build on to the same. We want to be able to play out this momentum on the easing interest rates and also the credit availability as compared to the recent week's performance where quality stocks have played out in a much stronger manner as the flight for safety and where the relatively safer banks have been able to showcase a better deposit mobilisation and has a possibility of credit growth. But as we go forward through the year, others will join the case and we are selectively also looking at some of the PSU banks where our preference is more for Can Bank as compared to SBI in the similar space. You Might Also Like: Markets found a temporary bottom on hopes of likely trade deals with China, India: Peter Cardillo Pakistan stock market falls 2% after India suspends Indus Waters Treaty over Pahalgam terror attack
Business Wire
22-04-2025
- Business
- Business Wire
InCred Alternatives Raises $70mn in Maiden Special Situations Fund, Aims for $175mn by Year End
MUMBAI, India--(BUSINESS WIRE)--InCred Alternative Investments Private Limited ('InCred Alternatives'), part of InCred Capital Financial Services Limited ('InCred Capital'), announced securing commitments over $70mn in its maiden special situations credit fund, InCred Special Opportunities Fund-I ('ISOF-I'). The commitments were raised from a clutch of domestic and offshore LPs, showcasing the keen interest that the Indian private credit market is generating for funds and managers with a demonstrated track record. ISOF-I is expected to continue attracting investor interest and mobilising further commitments in the fund during the year. InCred Special Opportunities Fund (ISOF-I), a Category II Alternative Investment Fund (AIF), has a base size of $175mn (including green shoe option of $60mn) and is designed to deliver its investors a superior risk-adjusted return in a market-agnostic strategy, with regular distributions generating significant alpha. With a flexible investment strategy and expecting returns much higher than performing credit mandates, the fund focuses on old economy sectors with a strong collateral cover ensuring a downside-protected and well-diversified portfolio. It is managed by a team of seasoned investment professionals with deep expertise in credit and special situation investing. Saurabh Jhalaria, Chief Investment Officer - Private Credit, at InCred Alternatives, shared, 'We are thrilled to announce securing commitments over $70mn in InCred Special Opportunities Fund (ISOF-I) reinforcing our commitment to delivering innovative private credit solutions. By leveraging InCred Group's origination strengths and a seasoned underwriting team, we aim to generate 21-23% returns. ISOF-I is well-positioned to capitalise on evolving market opportunities, such as dislocated secondary opportunities, cash flow mismatch situations in the economic cycle and flexible debt solutions, while delivering sustained value for our investors.' InCred Alternatives has entered the special opportunities space after the success of its performing credit strategy, where it manages two funds with over $150mn of commitments, with an established track record of income distribution. About InCred Alternative Investments Private Limited: Part of InCred Capital, InCred Alternative Investments focuses on bringing a range of alternative investment strategies to help investors diversify their portfolio across unique opportunities . The firm currently offers funds across Private Credit, Private Equity, and Quant.
Yahoo
22-04-2025
- Business
- Yahoo
InCred Alternatives Raises $70mn in Maiden Special Situations Fund, Aims for $175mn by Year End
MUMBAI, India, April 22, 2025--(BUSINESS WIRE)--InCred Alternative Investments Private Limited ("InCred Alternatives"), part of InCred Capital Financial Services Limited ("InCred Capital"), announced securing commitments over $70mn in its maiden special situations credit fund, InCred Special Opportunities Fund-I ("ISOF-I"). The commitments were raised from a clutch of domestic and offshore LPs, showcasing the keen interest that the Indian private credit market is generating for funds and managers with a demonstrated track record. ISOF-I is expected to continue attracting investor interest and mobilising further commitments in the fund during the year. InCred Special Opportunities Fund (ISOF-I), a Category II Alternative Investment Fund (AIF), has a base size of $175mn (including green shoe option of $60mn) and is designed to deliver its investors a superior risk-adjusted return in a market-agnostic strategy, with regular distributions generating significant alpha. With a flexible investment strategy and expecting returns much higher than performing credit mandates, the fund focuses on old economy sectors with a strong collateral cover ensuring a downside-protected and well-diversified portfolio. It is managed by a team of seasoned investment professionals with deep expertise in credit and special situation investing. Saurabh Jhalaria, Chief Investment Officer - Private Credit, at InCred Alternatives, shared, "We are thrilled to announce securing commitments over $70mn in InCred Special Opportunities Fund (ISOF-I) reinforcing our commitment to delivering innovative private credit solutions. By leveraging InCred Group's origination strengths and a seasoned underwriting team, we aim to generate 21-23% returns. ISOF-I is well-positioned to capitalise on evolving market opportunities, such as dislocated secondary opportunities, cash flow mismatch situations in the economic cycle and flexible debt solutions, while delivering sustained value for our investors." InCred Alternatives has entered the special opportunities space after the success of its performing credit strategy, where it manages two funds with over $150mn of commitments, with an established track record of income distribution. About InCred Alternative Investments Private Limited: Part of InCred Capital, InCred Alternative Investments focuses on bringing a range of alternative investment strategies to help investors diversify their portfolio across unique opportunities . The firm currently offers funds across Private Credit, Private Equity, and Quant. Website: Disclaimer: This is not an advertisement and for informational purposes only. Funds are only meant for private placement and by invitation only. View source version on Contacts Media Contact: Natasha Sign in to access your portfolio
