Title: Paisalo Digital: Record Date Announced for 1:1 Bonus Shares, Stock Achieves All-Time High
Subtitle: LIC-Backed NBFC’s Bonus Share Declaration Boosts Paisalo Digital’s Market Value, Scrip Peaks at Rs 145.90
In a significant development, Paisalo Digital Ltd, a small-cap Non-Banking Financial Company (NBFC) in the finance sector, witnessed a surge in its stock value after announcing the record date for the issuance of 1:1 bonus shares. The stock, backed by LIC and boasting a strong financial performance, experienced a notable upswing during Friday’s trading session.
Starting the day at Rs 137.85 per share on the Bombay Stock Exchange (BSE), Paisalo Digital’s stock soared to a new one-year high of Rs 145.90. The closing session saw a 6.12% rise, settling the stock at Rs 142.95 per share and achieving a market value of Rs 6,418.77 Crores.
The company’s Board of Directors, in a meeting on January 31, 2024, recommended the issuance of bonus shares in the ratio of 1:1, i.e., one new bonus equity share of Re. 1 each for every existing equity share of Re. 1 each held by shareholders as on the record date. The Board fixed Wednesday, March 20, 2024, as the ‘Record Date’ for eligibility determination, pending shareholders’ approval through a Postal Ballot, with the voting period from February 8, 2024, to March 8, 2024.
Subject to necessary approvals, the bonus shares are expected to be credited or dispatched within two months from the Board approval date, i.e., on or before March 31, 2024.
Furthermore, Paisalo Digital announced a meeting of the Operations and Finance Committee of the Board on February 21, 2024, to discuss the issuance (allocation) of Non-Convertible Debt Securities/Instruments on a private placement basis.
In the December 2023 quarter, the company reported robust financials, with a 49.33% YoY increase in net sales to Rs 182.59 Crores and a noteworthy 102.44% jump in net profit to Rs 56.46 Crores. The EBITDA surged by 56.29% to Rs 141.04 Crores in the same quarter.
LIC, holding 1.35% equity stake, and SBI Life Insurance, with an 11.35% stake, played significant roles in the quarter, with LIC owning 42,36,822 shares and SBI Life Insurance holding 3,57,29,439 shares.
As Paisalo Digital gears up for bonus share issuance, investors and stakeholders eagerly anticipate the potential impact on the company’s trajectory.
