Arman Financial Services Surges As The Board Approves Allotment Of Securities Worth Rs.115 Crores

Arman Financial Service Ltd is a non-banking finance company registered on RBI as category "A." The company and its subsidiary mainly provide three financial services: Group-based microfinance, Micro-Enterprise loans and Two-wheeler finance.

The company's stock is trending in today's trading session as the board has approved the allotment of securities worth Rs. 115 crores on a preferential basis to the marquee investors. In the latest announcement to the Bombay stock exchange, the company mentioned, "In further Communication with our letter dated September 28, 2022, we are enclosing Press Release on allotment of Unsecured Compulsorily Convertible Debentures ("CCDs") and Cumulative Non-participating Optionally Convertible Redeemable Preference Shares ("OCRPS") on preferential basis to the various investors belonging to non-promoter category."

Moreover, informing the stock exchange and share holders the company mentioned,

1. "Allotment of 6,24,388 Unsecured Compulsorily Convertible Debentures ("CCDs") on preferential basis to Investors belonging to non-promoter category. The total amount raised is approximately Rs. 76.80 crore. Some of the marquee investors include fund(s) controlled by Singapore based Sixteenth Street Capital and USA based Seven Canyons Advisors. Other investors include both domestic and foreign individuals.

1. Allotment of 3,10,972 Optionally Convertible Redeemable Preference Shares ("OCRPS") on preferential basis belonging to non-promoter category. The total amount raised is approximately Rs. 38.25 crore. The investors include a mix of individuals and family offices."