Authum allots 30 lakh preference shares to promoter at Rs 1,000 each
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On the reaction day the stock moved 0.1 pts more than Nifty Midcap 150 and 0.8 pts less than its Non Banking Financial Company (NBFC) peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Authum allotted 30 lakh 0.01% Non-Cumulative Non-Convertible Redeemable Preference Shares (NCRPS) to promoter Mentor Capital via private placement at Rs 1,000 each (Rs 990 premium), raising Rs 300 crore. Cumulative NCRPS now stand at 1.8 crore shares worth Rs 1,800 crore.
Promoter-led capital infusion of Rs 300 crore strengthens balance sheet; low 0.01% dividend keeps cost of capital minimal for the company.