Anand Rathi’s Pick of The Month: Paisalo Digital Raises Funds By Preferential Issue of Convertible Equity Warr

In contrast to the previous closing of Rs 58.20, Paisalo Digital Ltd.'s shares began higher on Monday at Rs 59.30 on the NSE. After the Board of Directors of the Company examined and authorised the raising of funds by preferential issue of convertible equity warrants to specific identified non-promoter groups/entities at its meeting today, December 23, Paisalo Digital is anticipated to be the focus of the upcoming sessions.

The issuance and distribution of up to 4,43,56,756 convertible equity warrants with the option for proposed allottees to subscribe for one equity share with a face value of Rs 1/warrant through preferential private placement allocation to "Non-Promoter, Public Category" at an issue price of Rs 58.20 per warrant, payable in cash for a total of Rs 2,58,15,63,200, was approved by the Paisalo Digital Board on Monday.

Elysian Wealth Fund, Dr Ushma Mehta, Hello Money Advisor LLP, M7 Global Fund PCC Cell Dewcap, NOVA Global Opportunities Fund PCC-TOUCHSTONE, UNICO Global Opportunities Fund Limited, Citrine Fund Limited, Ms. Bharti Sanjeev Chirania, Kingsman Wealth Fund and Sri Professionals Pvt. Ltd were among the top 10 proposed allottees of convertible equity warrants.

The Board of Directors of the company has decided to hold an EGM on Wednesday, January 22, 2025, in order to get the approval of the Members of the Company for the aforementioned matters. The Board has also approved the draft notice of the EGM and related matters that will be sent to the shareholders in order to call the EGM.

"The Company has fixed Wednesday, January 15, 2025 as the cut-off date for determining the eligibility of the Members entitled to vote by remote e-voting at the ensuing EGM of the Company schedule to be held on Wednesday, January 22, 2025 through OAVM/VC. The Company would be availing e-voting services of NSDL The remote e-voting period begins on Sunday, January 19, 2025 (09:00 A.M. IST) and ends on Tuesday, January 21, 2025 (05:00 P.M. IST)," said Paisalo Digital in a stock exchange filing.

According to rule 31 of the SEBI (substantial acquisition of shares and takeover) regulations, 2011, Equilibrated Venture Cflow Private Limited, a member of Paisalo Digital Limited's promoter group, disclosed the total number of pledged shares of the business. On December 18, 2024, this information was posted on the BSE and the National Stock Exchange of India. Rs 6.78 crore worth of shares, or 7.55% of the company's paid-up share capital, are covered by the release.

According to broking firm Anand Rathi Investment Services, Paisalo Digital shares have an excellent opportunity for growth. The broking firm picked Paisalo Digital shares as its pick of the month in a recent official announcement. The broker recommends buying Paisalo Digital Ltd. (PAISALO) between Rs. 54 and Rs. 58, with a target price of Rs. 70 and a stop loss of Rs. 49.