Ugro Capital gains after board approves issue of CPs

Ugro Capital rose 1.30% to Rs 159.20 after the company's investment and borrowing committee of the board approved the issuance of commercial papers (CPs) worth Rs 15 crore and Rs 50 crore for period upto 363 days.

The board of directors of the company approved issuance of commercial paper worth Rs 15 crore for period of 363 days. The company issued CPs having a face value of Rs 5 lakh. The said instrument's tentative allotment date is 10 March 2023 and tentative redemption date is 7 March 2024.

Further the company's board also approved the issuance of commercial papers worth Rs 50 crore having face value of Rs 5 lakh for period upto 363 days. The said paper's allotment date is before 31 March 2023 and its redemption date is before 31 March 2024.

Meanwhile the company's board allotted 5,000 senior, secured, rated, listed, redeemable, taxable, transferable non-convertible debentures (NCDs) having face value of Rs 1 lakh each aggregating to Rs 50 crore including a green shoe option of 2,500 NCDs for Rs 25 crore through private placement basis. These will mature on 8 March 2026. These instruments have an interest rate of 10.50% per annum to be paid monthly.

Ugro Capital is an MSME lending fintech platform. It uses the emerging data tripod of GST, banking and bureau coupled with its sectoral analysis to solve the problem of credit for small businesses.

The company net profit soared 287% to Rs 13.12 crore on 122.6% jump in total income to Rs 189.59 crore in Q3 FY23 over Q3 FY22.

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