UGRO Capital Ltd., a non-banking financial company focused on MSME lending, announced the successful completion of its equity capital raise and the allotment of compulsory convertible debentures and warrants worth Rs 1,265 crore on Tuesday.
The company's board had approved an equity capital raise of Rs 1,332.66 crore during a board meeting on May 2, 2024, UGRO said in a statement.
UGRO Capital received shareholders' approval on June 1, 2024, amid uncertainty surrounding the election results and the consequent market fluctuations.
"However, investor commitment to UGRO remained robust. All investors, except the ones who became ineligible for regulatory reasons, invested full money in UGRO," it said.
The company successfully allotted CCDs worth Rs 258 crore and warrants worth Rs 1,007 crore, with backing from existing private equity investor Samena Capital, which committed Rs 500 crore through warrants.
These warrants can be exercised within 18 months from the date of allotment, with subscribers paying 25% of the issue price now and the remaining amount payable 18 months later, it said, adding that this marks the third capital raise for UGRO Capital.
(Inputs From PTI)
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