Ugro Capital (BOM:511742, NSE:UGROCAP) approved plans to raise up to 13.15 billion Indian rupees to support its growth strategy, according to a Tuesday filing on the local bourses.
The MSME-focused lender will raise 9.15 rupees through a preferential issue of compulsorily convertible debentures at 185 rupees per share and offer a 400 rupees rights issue to existing shareholders.
Final terms of the rights issue will be set at a future board meeting.
Existing investor Samena Capital and its PE funds committed up to 5 billion rupees in the preferential allotment, while Singapore-based Aregence committed 1.68 billion rupees.
IFU, a Danish government-backed investor holding 16.35% of UGRO, pledged 1.5 billion rupees in the rights issue.
UGRO's capital adequacy ratio is expected to rise to 29.4% from 19.4% at the end of FY25 post-issuance.
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