Poonawalla Fincorp share price jumped to over one-year high after the board approved to allot shares worth Rs 1,500 crore on Wednesday to the promoter Rising Sun Holdings Ltd. The promoter infused liquidity and increased stake in the company.
Poonawalla Fincorp will allot 3.32 crore shares, with a face value of Rs 2 each to Rising Sun Holdings. The issue price for the allotment is at Rs 452.51 apiece along with a premium of Rs 450.51 per share. The total worth of the issuance is Rs 1,500 crore, the company said in the exchange filing.
On Sept 10, Poonawalla Fincorp's board approved the allotment 1 lakh secured, redeemable, rated, listed, non-convertible debentures with face value of Rs 1 lakh each. The total amount aggregating to Rs 1,000 crore. The company allotted the debentures on a private placement basis.
The debentures will mature on Sept 8, 2028. The coupon interest offered on the non-convertible debentures is 7.8% per annum. The debentures are listed in the debt market segment of BSE Ltd.
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Poonawalla Fincorp share price surged nearly 15% in Thursday's session. The stock price rose to a high of Rs 513.35 apiece, the highest level since April 22, 2024. It has been rising for three days in a row.
Poonawalla Fincorp stock price was trading 12.93% higher at Rs 505.93 apiece as of 10:59 a.m.
The stock price advanced 27.06% in 12 months, and 60.7% on year-to-date basis. Total traded volume so far in the day stood at 90 times its 30-day average. The relative strength index was at 71.94.
Out of seven analysts tracking the company, four maintain a 'buy' rating, one recommends a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 13.6%.
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