Penny Stock Under Rs 2 Approves 7000 NCDs To Raise Rs 70,00,00,000; Scrip At Upper Circuit

Following the announcement of the company's fundraising strategy, Standard Capital Markets' shares remained stuck in the upper circuit limit at Rs 1.13 on Thursday during the opening session. In order to raise Rs 70 Cr through private placement, the company has authorised NCDs with a face value of Rs. 1,00,000 each at an issue price of Rs. 1,00,000 each.

"In furtherance to our intimation letter dated October 24 2024, relating to raising funds by the issue of Non-Convertible Debentures ("NCDs") on Private Placement basis and in accordance with Regulation 30 of SEBI LODR Regulations, we wish to inform that the Board of Directors of the Company in its meeting held on October 30, 2024 commenced at 2:45 P.M. and Concluded at 03:25 P.M., has inter alia, approved the allotment of 7000 unrated, unlisted, secured NCDs, of face value of Rs. 1,00,000/- each at an issue price of Rs. 1,00,000/- each aggregating to INR 70,00,00,000 (Indian Rupees Seventy Crores Only) on Private Placement basis in terms of Private placement cum application letter," said Standard Capital Markets in a stock exchange filing on Wednesday.

The issuance of up to 50,000 Secured, Unlisted, Unrated, Redeemable Non-convertible Debentures (NCDs) with a face value of Rs 1,00,000 each, totalling up to Rs 500,00,00,000/- in one or more tranches on a Private Placement basis, was recently approved by the Standard Capital Markets Limited Board of Directors during its meeting on October 24, 2024.

Leading Non-Banking Financial Company (NBFC) Standard Capital announced a comprehensive funding program the previous month with the goal of assisting electric vehicle (EV) mobility solutions and renewable energy projects throughout India. Standard Capital's investment will offer vital financial assistance for projects that install solar panels and other renewable energy systems, in keeping with India's expanding clean energy initiatives. As of 2023, India had deployed more than 68 GW of solar power, demonstrating its notable progress in the renewable energy industry. This drive is a component of the nation's broader objective to reach 500 GW of renewable energy capacity by 2030.

The Indian EV industry is essential to lowering transportation emissions, which now make up 14% of the nation's total carbon emissions. Standard Capital is offering its financial support to businesses venturing into the electric vehicle (EV) mobility sector.