₹1 penny stock completes raising of funds through NCDs. Details here

Penny stock Standard Capital Markets on Friday, December 20, informed through an exchange filing on the BSE that its board of directors approved the issuance of non-convertible debentures(NCDs) on a private placement basis for ₹15 crore.

"The board of directors of the company in its meeting held on December 20, has approved the allotment of 1,500 unrated, unlisted, secured NCDs of face value of ₹1,00,000 each at an issue price of ₹1,00,000 each aggregating to ₹15,00,00,000 on a private placement basis," the company said in an exchange filing.

On December 17, the company announced the successful issuance of ₹500 crore in non-convertible debentures (NCDs) to strengthen its capital structure and support its growth initiatives.

The company said some ₹130 crore of the total funds have been successfully raised and strategically deployed towards enhancing and expanding the company's operations.

"This investment is aimed at driving operational efficiency, increasing capacity and supporting the company's continued growth trajectory," the company said.

The company plans to utilise the remaining proceeds from this issuance for various strategic purposes, including further expansion, working capital needs, and reduction of existing liabilities.

"The successful issuance of these NCDs is a testament to the strong investor confidence in our business model and growth prospects. The deployment of ₹130 crore towards operations is part of our ongoing commitment to enhancing operational excellence and strengthening our market position. We remain focused on delivering long-term value for our shareholders and customers," Standard Capital Markets' management said.

Standard Capital Markets share price hit a 52-week high of ₹3.52 on February 27 and a 52-week low of ₹0.95 on December 17 this year.

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