NBFC Srestha Finvest’s Board Approves Fundraising, Increase in Authorised Capital

ByPrashant Kumar

Non-banking financial company (NBFC) Srestha Finvest has informed exchanges that its board has considered and approved raising funds by way of issuance of equity shares in one or more tranches and an increase in the authorised share capital.
According to an exchange filing, the total number of securities proposed to be issued is up to an aggregate amount not exceeding Rs 200 Crores. “Raising of funds by way of issuance of such number of equity shares having face value of Re.1/- each (Rupee One Only) of the Company, for an aggregate amount not exceeding Rs.200 Crores (Rupees Two Hundreds Crores only) by way of QualifiedInstitutional Placement (“QIP”),” the company said in an exchange filing.
The board has approved an increase in the authorised share capital to Rs. 3,67,00,00,000
“Increase in the Authorised Share Capital of the company from existing Rs. 1,67,00,00,000/- (Rupees One Hundred and Sixty Seven Crores Only) divided into 1,67,00,00,000 (One Hundred and Sixty Seven Crores) Equity Shares of Re.1/- (Rupee One Only) each* to Rs. 3,67,00,00,000/- (Rupees Three Hundred and Sixty Seven Crores Only) Equity Shares of Re.1/- each (Rupees One Only) each and corresponding amendments to the Clause V of the Memorandum of Association of the Company, subject to approval of members,” the filing reads.
Earlier, the company approved a 1:2 stock split i.e. each existing stock with Rs 2 face value will be divided into two Re 1 face value shares. “..approved and recommended for sub-division of Company’s 1 (One) Equity Share of Face Value of Rs. 2/- each into 2 (Two) Equity Shares of Face Value of Re. 1/- each held as on the Record date which shall be decided for this purpose,” the company said in an exchange filing.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)

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