In an exclusive interview with ET Now, the Executive VC and CEO of IndoStar Capital Finance, R Sridhar said that the Rs 700 crore that has been raised, by the company would be quite sufficient for three years of growth.
Earlier today(May 21st), despite weak market conditions the price of Non-banking finance company IndoStar Capital Finance share settled higher at Rs 585 on the National Stock Exchange.
The stock managed to add 2.27 percent gains over the issue price of Rs 572, however, it did not manage to break its offer price level.
It made an opening at Rs 600.60 on the exchange and hit an intraday high and low of Rs 606.80 and Rs 579.10 respectively on the NSE.
While on the BSE, the stock price closed up 2.36 percent at Rs 585.50 after hitting a day’s high and low of Rs 606.30 and Rs 578.50 respectively.
Notably, during May 9-11, the Rs 1,844-crore initial public offer was subscribed as many as 6.8 times.
As per reports, The fresh issue proceedings accumulated by the non-banking finance company would be utilized for augmenting capital base to meet future capital requirements, on the other hand, the money raised through offer for sale would be transferred to selling shareholders.
Along with providing loans to small and medium enterprise (SME) borrowers in India, IndoStar Capital Finance also provides structured term financing solutions for corporations.
Notably just a few months back the company began expanding its portfolio by offering housing finance and vehicle finance products.
The 30-share BSE Sensex was down 232.17 points at 34,616.13 while the 50-share NSE Nifty shed 79.70 points to close at 10,516.70 while the time of this article being published.