Arman Financial Services Ltd (Arman), a leading Gujarat based nonbanking financial company (NBFC), with interests in microfinance, two wheelers and MSME loans, allotted 16,66,667 Compulsorily Convertible Debentures ("CCDs") to SAIF Partners India V Limited.
The Company has completed the preferential allotment of 16,66,667 Compulsorily Convertible Debentures ("CCDs") to SAIF Partners India V Ltd at a issue price of Rs.300/- each amounting to Rs.50,00,00,100 (Fifty Crore One Hundred), carrying a coupon of 10% simple interest per annum for a term of 18 (Eighteen Months) from the date of allotment.
The preferential allotment is done in accordance with SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2009 and subject to shareholder approval obtained at the Extra Ordinary General Meeting held on 29 Mar 2018.
This is a big milestone in the company's history since the networth of the company will increase from 54.82 Crore To 104.83 Crore, a 91% increase.
Shares of ARMAN FINANCIAL SERVICES LTD. was last trading in BSE at Rs.339.75 as compared to the previous close of Rs. 333. The total number of shares traded during the day was 830 in over 20 trades.
The stock hit an intraday high of Rs. 340.4 and intraday low of 330. The net turnover during the day was Rs. 276282.