This Small Cap NBFC Approves Rights Issue Of Equity Shares

Oracle Credit Limited, a small cap non banking financial service company has informed through exchange filing that its board has approved issuing equity shares through rights issue. Given below are the details.

According to the filing, "the board of directors of the company at their meeting held on Monday, 27th March, inter-alia considered and approved fund raising of an amount not exceeding Rs 49 crore, through issuing Equity shares by way of Rights issue to the eligible equity shareholders of the company as on Record date (to be notified subsequently within due course), in accordance with applicable laws, including the SEBI (lssue of Capital and Disclosure Requirements)Regulations, 2018, as amended, SEBI Listing Regulations, along with relevant circulars issued by the Securities and Exchange Board of India, Companies Act, 2013. ("Rights Issue")."

The decision to increase the share capital amount was also given "Increase in authorized share capital of the company from existing Rs 10 crore to Rs 25 crores by creation of new equity shares and consequent change in capital clause of the Memorandum of association of the company subject to approval by Members."

Oracle Credit Limited, a non-deposit accepting NBFC, is a company conceived and nurtured by the promoter Aditya Vikram Kanoria incorporated in 1991. The company offers money lending services to individuals and small and medium sized enterprises in India. It has a current market capitalisation of Rs 41.38 crore.

The stock price of the company ended higher today by 5% to Rs 59.64 per share. Its 52-week is at Rs 341 per share and 52-week low is at Rs 37.20 per share. In last one year the price rallied by 38.38%.

Disclaimer
This article is for information purposes only and is not a recommendation to buy, sell or hold. Greynium Information Technologies and the Author, are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to consult with certified experts before making any investment decision.