NBFC Penny Stock Below Rs 5 Hit 5% Upper Circuit As Board To Consider Fund Raising Proposal Next Week

Standard Capital Markets, a micro-cap NBFC company, had its shares begin on the BSE on Friday at Rs 1.57 apiece. During early trade, the shares immediately set up a 5% upper circuit limit at Rs 1.58. Following the company's announcement that the Board of Directors will convene on Tuesday, July 02, 2024, to discuss and agree to the plan for raising funds, there was an apparent spike in interest in buying the stock.

"Pursuant to the provisions of Regulation 29(1)(d) of SEBI LODR Regulations, we wish to inform you that a Meeting of the Board of Directors of the Company will be held on Tuesday, July 02, 2024, interalia, to consider and approve the proposal of fundraising and any other business with the permission of the Chairman in compliance with applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time," said Standard Capital Markets in a stock exchange filing on Thursday.

Recently on 20th June 2024, Standard Insurance Broking Limited was incorporated as a wholly owned subsidiary of Standard Capital Markets Limited with a share capital of share capital of Rs. 100,00,000. Under the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations, 2018 as modified from time to time, the subsidiary is formed to function as a direct broker.

"NOC of Insurance Regulatory and Development Authority of India already taken and Now we will also apply for taking Insurance Broking License of Insurance Regulatory and Development Authority of India," said Standard Capital Markets in a regulatory statement.

Earlier this month on June 10, 2024, the Board of Directors of the company considered and approved the allotment of 26,00,00,000 equity shares of face value of Re.1/- each, towards conversion of outstanding unsecured loans, at an issue price of Rs. 2.75/- per equity share (including premium of Rs.1.75/- each), for an aggregate amount of Rs.71,50,00,000/- on a preferential basis to the proposed allottees i.e. Shark Suppliers Private Limited and Sunil Sales and Services Pvt Ltd.

One of Dalal Street's multibagger penny stocks is Standard Capital Markets, which has returned 777.78% in the last year, 3,633% in the previous three years, and 3,917% in the last five years.

Based in India, Standard Capital Markets Limited (SCML) is an organization that provides non-banking financial services.