Penny Stock Below Rs 2 Fixes September 23 As Record Date For 1:2 Stock Split

Srestha Finvest Limited has officially announced the record date for its upcoming equity share split. In a communication to the stock exchange today, the company confirmed that Monday, September 23, 2024, has been set as the 'Record Date' for determining the eligibility of shareholders for the subdivision or split of its equity shares. As approved by shareholders through a postal ballot on September 5, 2024, each fully paid-up equity share with a face value of Rs. 2 will be subdivided into two fully paid-up equity shares with a face value of Rs. 1 each.

In addition to the share split, Srestha Finvest has been proactive in raising capital to support its growth ambitions. Last month, the company announced plans to raise funds through the issuance of equity shares in one or more tranches. The company aims to raise an aggregate amount not exceeding Rs. 200 crores through a Qualified Institutional Placement (QIP) of equity shares, with each share having a face value of Re. 1.

Srestha Finvest reported strong financial results for the first quarter of FY2024-25, demonstrating significant year-on-year growth. According to its exchange filing, the company's operating revenue for the quarter ended June 30, 2024, surged to Rs 39.5 crore, a massive leap from Rs 2.27 crore during the same quarter last year. The revenue for the preceding quarter, which ended March 2024, stood at Rs 5.63 crore, indicating substantial growth within a short period.

Net profit for the quarter also saw a dramatic increase, reaching Rs 31.01 crore compared to just Rs 0.44 crore in the quarter ending June 2023. This represents a staggering 1632.46% rise in sales and reflects the company's strong performance and improving market conditions.

Srestha Finvest entered into a significant partnership with Felix Industries Limited in July 2024. Through this collaboration, the two companies aim to advance renewable energy and sustainability initiatives, specifically focusing on clean water and renewable energy projects.

Under the terms of the Facility Agreement, Srestha Finvest will provide funding to Felix Industries for capital work related to plant installation, as part of a larger project procured by Felix Industries with Aarti Industries Ltd. The total funding, amounting to Rs 50 million, will be disbursed in two phases and will support renewable energy, clean water, and water recycling initiatives.

This partnership marks a strategic move for Srestha Finvest as it seeks to diversify its lending portfolio and deepen its involvement in the renewable energy and environmental sustainability sectors. The company aims to play a significant role in green projects, which aligns with global efforts toward sustainability and environmental preservation.

Headquartered in Chennai, Tamil Nadu, Srestha Finvest Limited specializes in lending against securities, movable and immovable properties, finance, hire purchase, and leasing. It is registered as a Category 'B' Non-Banking Financial Company (NBFC) by the Reserve Bank of India. The company's shares are listed on the Bombay Stock Exchange Limited (BSE) and the Metropolitan Stock Exchange (MSE). Notably, Srestha Finvest does not accept public deposits and has no subsidiary companies.