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Wednesday, June 19, 2024

Multibagger stock: RBI-Registered NBFC UY Fincorp to raise over Rs 80M through ANS Developers stake sale

Since the second part of FY22, as the economy began to gradually recover from the Covid epidemic, non-banking financing businesses (NBFCs) have been steadily expanding. NBFCs experienced a striking shift in their asset base in FY23 and the first quarter of FY24, which helped to further accelerate this growth momentum.

Leading RBI-registered NBFC UY Fincorp has said that it will sell its interest in ANS Developers, a significant player in the real estate industry. It would sell 32 lakh equity shares, or more than 14% of ADPL, according to a filing with the exchange.

According to the filing, UY and Golden Goenka Credit have a share purchase agreement in place for the disinvestment. From the transaction, it hopes to raise more than Rs 80 million.

The valuation will be based on ADPL’s financial statement for the fiscal year that ended on March 31, 2023, and the selling price will be based on a valuation certificate provided by a merchant banker that has received approval from SEBI. Increased sales and profitability will result from using the money to invest in new prospects and fortify the company’s position in the financial industry.

The NBFC firm’s shares have given their stockholders multibagger returns, according to BSE statistics. The stock has provided owners with a return of more than 113% over the past six months, and a return of 98% over the past year. Its shares have generated a return of 142% during the past two years.

According to a PTI report, the loan exposure of banks to NBFCs increased significantly 35.1% on-year to Rs 14.2 lakh crore in June, showing a reduction in the reliance of non-banking finance companies on foreign borrowing.

According to Care Ratings, this increased the percentage of NBFCs in total credit from 8.5% in June 2022 to 9.9% in the reporting month.

Conclusion:-

Non-banking financing businesses (NBFCs) have experienced growth since the Covid pandemic, with a shift in their asset base in FY23 and FY24. RBI-registered NBFC UY Fincorp plans to sell its interest in ANS Developers, raising over Rs 80 million. The valuation will be based on ADPL’s financial statement and a merchant banker’s approval from SEBI. The company’s shares have yielded multibagger returns, with a return of over 113% over the past six months and 98% over the past year. The loan exposure of banks to NBFCs increased 35.1% on-year, reducing reliance on foreign borrowing.

Newsdesk

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