Utkarsh Small Finance Bank Ltd. has announced that its Board of Directors will meet on Friday, Sept. 20, 2024, to discuss a fundraising initiative. The key agenda item for the meeting will be the potential issuance of Tier II capital through non-convertible debentures, with plans to raise up to Rs. 200 crore, according to an exchange filing on Tuesday.
This decision aligns with the company's efforts to strengthen its capital base. The proposed issuance of NCDs is part of a broader plan to enhance financial stability and support future growth initiatives.
The scrip rose as much as 1.60% to Rs 48.25 apiece. It pared gains to end 0.40% lower at Rs 47.57 apiece. This compares to a 0.14 advance in the NSE Nifty 50 Index.
It has fallen 11.6% on a year-to-date basis. Total traded volume so far in the day stood at 0.99 times its 30-day average. The relative strength index was at 36.68.
Two analysts maintain a 'buy' rating according to Bloomberg data. The average 12-month consensus price target implies an upside of 26.4%.
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