Business & Investment

Paisalo Digital soars 20% after SBI Life buys 9% stake in the open market

Paisalo Digital’s stake surged 20% on the National Stock Exchange (NSE) to Rs 624.70 on Monday’s daytime trading after SBI Life Insurance Company acquired a 9% stake in a financial company through the open market. .. Over the last two trading days, stock prices have risen 26%.

On Thursday, December 24, 2020, SBI Life Insurance Company purchased 3.8 million shares, equivalent to an 8.99% stake in Paisalo Digital, for Rs 18.6 billion through a lump sum transaction of Rs 490 per share at NSE.

Antaline Dia Evergreen Fund (1.5 million shares), Ella Line Dia Opportunity Fund (1.1 million shares), Hessica Growth Fund (290,000 shares), Davos International Fund (0.8 million shares) have Paisaro Digital’s 36.9 million shares Sold in bulk. However, the names of other sellers were not immediately confirmed.

Founded in 1992, Paisalo Digital is registered with the Reserve Bank of India (RBI) as a non-bank financial institution (NBFC) that does not accept deposits. The company’s founder promoter, Sunil Agarwal, has been the Managing Director since its inception. The company primarily offers business loans for small businesses / enterprises and income-generating loans for individuals.

Paisalo Digital has signed a contract with a well-known PSU bank. The agreement will begin lending under both personal and group lending schemes, 80% of which will be funded by PSU Bank and the rest will be funded by Paisalo Digital. The company manages loans, including collections, and earns money on Off-Book AUM. This arrangement allows Paisalo Digital to mitigate the risks associated with its unsecured loan portfolio.

10:46 am. Equities were trading 17% higher on Rs 607 on NSE, compared to a 0.52% increase in the Nifty50 index. A total of 223,000 shares were traded at the NSE and BSE counters.



Paisalo Digital soars 20% after SBI Life buys 9% stake in the open market

https://www.business-standard.com/article/markets/paisalo-digital-soars-20-after-sbi-life-buys-9-stake-via-open-market-120122800277_1.html Paisalo Digital soars 20% after SBI Life buys 9% stake in the open market

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