Poonawalla Fincorp raises Rs 1,500 crore via promoter preferential issue
POONAWALLA · price
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On the reaction day the stock moved 12.1 pts more than Nifty Smallcap 250 and 12.2 pts more 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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The board allotted 3,31,48,102 fully paid shares to promoter Rising Sun Holdings Private Limited at Rs 452.51 per share, including a premium of Rs 450.51, for Rs 1,499.98 crore. Paid-up capital rose to Rs 162.47 crore, covering 81,23,56,698 shares. The new shares rank equally with existing shares.
Promoter funding adds capital and strengthens the promoter holding, but the larger share count dilutes existing non-participating shareholders.