Ashika Credit Capital Limited Announces Equity Issuance and Expansion
by Prashant Kapadia/NHN
Kolkata, India – August , 2024 – Ashika Credit Capital Limited (ACCL), a leading NBFC specializing in a wide range of investment and allied capital market activities, is pleased to announce a significant move that will enhance its business operations and market position. The company today announced preferential issue of equity shares and convertible warrants amounting to Rs 1837.26 million out of which Rs 1359.36 millions to be invested by promoters & promoter group. Board has today approved the issuance of 31,50,000 equity shares and 9,00,000 convertible warrants to the non promoter. This initiative is a part of ACCL’s ongoing commitment to long-term value creation for the shareholders. Our promoters are demonstrating their strong commitment and confidence in ACCL by investing further in the Company. The promoters will subscribe to an additional 63,90,000 equity shares and 51,30,000 convertible warrants, infusing fresh capital into the business. This substantial investment underscores their dedication to driving the company’s growth and success.
As part of this expansion, the promoters are merging one of their Non-Banking Financial Companies (NBFCs) into ACCL. This merger will significantly bolster the financial capabilities, enabling ACCL to take larger investments and enhance its market presence.
With these initiatives, Ashika Credit Capital Limited is poised to become a sizable business Entity with diversified activities, including investing in special situations, long term and short term investing, tactical and opportunistic investments, derivatives and algo trading. The infusion of fresh capital and the integration of additional NBFC operations will position ACCL as a robust entity in the financial sector, capable of delivering enhanced value to all stakeholders.
Mr. Gaurav Jain, CFO of Ashika Credit Capital Limited, stated, “We are excited about these developments, which mark a new chapter in our journey. The equity issuance, combined with the promoters’ investment and the NBFC merger, will significantly strengthen our capital base and operational capabilities. This will enable us to pursue new growth opportunities.”
Ashika Credit Capital Limited remains committed to maintaining the highest standards of corporate governance and delivering better financial performance. We believe these strategic steps will not only enhance our competitive edge but also drive sustainable growth and value creation for our shareholders.
About Ashika Credit Capital Limited :Establishment for more than 30 years, Ashika Credit Capital Limited is a leading NBFC specializing in a wide range of investment and allied capital market activities. It is part of the larger Ashika Group. With a commitment to excellence and innovation, ACCL has consistently delivered better financial performance and created value for its stakeholders. The Company’s shares are listed on main board of BSE Limited under Scrip Code 543766. For more details, please visit: https://ashikagroup.com/accl/index.php.