Small-Cap Stock In Focus As Promoter Proposes To Offload Stake

With a market valuation of Rs 395 Cr, Delphi World Money is a small-cap company in the financial services industry. The company's announcement that its promoters would sell a share through an Offer for Sale (OFS) of Shares, scheduled to open on December 18, 2023, has put the stock in the spotlight.

"We wish to inform you that the Company has received, as attached, a copy of notice of Offer for Sale (OFS) of Shares from its promoter, M/s. EbixCash World Money Limited, dated 13th December, 2023, proposed to be undertaken through the Stock Exchange Mechanism of the BSE Limited.

The Offer shall open on 18th December, 2023 (for Non- Retail Investors only), and on 19th December, 2023 (for Retail Investors and for Non- Retail Investors who choose to carry forward their bids) through a sale on the separate designated window to be provided by BSE Limited only," said the company in a stock exchange filing.

M/s. EbixCash World Money Limited, promoter of Delphi World Money proposes to sell up to 16.30 lakh equity shares of the face value of Rs 10 each representing 14.65% of the total paid-up equity share capital of the company on the day of OFS.

The offer shall take place on two trading sessions i.e. on 18th December for non-retail investors and 19th December for retail investors and non-retail investors who choose to carry forward their bids. The floor price of the offer shall be Rs 304 and SMC Global Securities shall be acting as the settlement broker of the offer.

September 2023 sales figures for the firm were Rs 21.22 crore, up 2.31% from Rs 20.74 crore in September 2022. Its net profit jumped by 3.58% from Rs. 3.77 crore in Q2FY23 to Rs. 3.90 crore in Q2FY24. EBITDA for the firm increased by 26.85% from Rs. 5.40 crore in the September 2022 quarter to Rs. 6.85 crore in the September 2023 quarter.

On Thursday, the shares of Delphi World Money were trading 4.74% higher at Rs 370 apiece.