UGRO raises Rs 1,265 cr as equity capital
Jun 18, 2024 18:58
UGRO Capital, an MSME lending NBFC, successfully raised Rs 1,265 crore in equity capital through CCDs and warrants, backed by Samena Capital.
New Delhi, Jun 18 (PTI) UGRO Capital, an NBFC focused on MSME lending, on Tuesday announced the successful completion of its equity capital raise and the allotment of Compulsory Convertible Debentures (CCD) and warrants worth Rs 1,265 crore.
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, a period filled with uncertainty surrounding the election results and the resultant 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 per cent of the issue price now and the remaining amount payable 18 months later, it said, adding that this capital raise marks the third for UGRO Capital.
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