Poonawalla Fincorp allots ₹1,500 crore shares to Rising Sun Holdings

Poonawalla Fincorp Ltd on Wednesday said its board has approved the allotment of 3.31 crore fully paid-up equity shares on a preferential basis to promoter Rising Sun Holdings Private Limited.

The shares, allotted at a floor price of ₹452.51 per equity share including premium, aggregate to about ₹1,499.98 crore, according to the company’s exchange filing.

Following the allotment, Poonawalla Fincorp’s issued, subscribed, and paid-up equity share capital has risen from ₹155.84 crore to ₹162.47 crore, representing an increase in the number of shares from 77.92 crore to 81.23 crore.

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The company noted that the equity shares allotted will rank pari-passu with existing equity shares in all respects. In-principle approvals for the preferential issue were earlier received from the NSE and BSE.

Ahead of the announcement, shares of Poonawalla Fincorp ended 1.34% higher at ₹447.75 on the NSE.