Akme Fintrade share price rallied over 4% on Thursday after ace investors Saajan Rathod & Mayank Rathod picked up a significant stake in the company. Akme Fintrade share surged as much as 4.12% to ₹109.95 apiece on the BSE.
The board of directors of Akme Fintrade (India) Ltd, approved raising of funds up to ₹44.96 crore by preferential issue of fully convertible warrants to various promoter and non promoter group persons at an issue price of ₹111 per warrant.
Amongst proposed allottees are ace investors Subhash Rathod, Saajan Rathod and Mayank Rathod, subscribing to 10 lakh, 5 lakh and 5 lakh warrants, respectively, which represents a combined stake of 5% post conversion.
Nirmal Jain, the promoter of the company, will be allotted 11 lakh convertible warrants.
Among other allottees, Neetu Sanghvi will be issued 2.5 lakh warrants, while Anitha Jain and Siddharth Bhansali will be issued 2 lakh warrants each and Pushapa Devi Jain will be allotted 3 lakh warrants.
Akme Fintrade (India) is a non-banking finance company (NBFC), offering vehicle and business loans in rural and semi-urban geographies. The vehicle financing comprises used commercial vehicles, 2-wheeler loans, and used 2-wheeler loans.
During the second quarter of FY25, Akme Fintrade reported a sharp 152.07% year-on-year (YoY) growth in its net profit to ₹16.75 crore. The company’s Assets Under Management (AUM) grew by 24.51% year-on-year, totaling ₹495.41 crore.
Akme Fintrade Share Price Trend
Akme Fintrade shares made a stock market debut in June 2024. The NBFC stock was listed at ₹127 per share on NSE, a premium of 5.83% to the issue price of ₹120. Akme Fintrade stock is trading around 11% below its IPO price.
Akme Fintrade shares have rallied 11% in one week and 14% in the past one month period. The stock, however, has fallen over 8% in three months.
At 10:10 AM, Akme Fintrade shares gave up gains and were trading 0.56% lower at ₹105.00 apiece on the BSE.
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