Emerald Finance to Raise Rs.15 Crore via Preferential Allotment
Mar 03, 2025
PNN
Mumbai (Maharashtra) [India], March 3: Emerald Finance Limited (BSE: EMERALD), is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA)in India, has announced the issuance of equity shares through a preferential allotment and the convening of an EGM on March 25, 2025 to seek shareholder approval for the proposed capital infusion.
The Board of Directors, in its meeting held on March 1, 2025, approved the issuance of up to 1,148,900 equity shares at a price of Rs.131 per share, comprising a face value of Rs.10 and a premium of Rs.121 per share. This preferential allotment is expected to raise approximately Rs.15.05 crore, which will be utilized for business expansion, enhancement of the EWA program, onward lending, repayment of loans, and general corporate purposes.
Among the key investors, BAYA PTE Ltd, Singapore is participating through its Indian subsidiary BAYA Finserve Technologies Pvt Ltd. Additionally, Saint Capital Mauritius is also part of the preferential allotment, further strengthening the company's investor base.
Commenting on this Sanjay Aggarwal, Managing Director of Emerald Finance Limited said, "This capital infusion will enable us to expand our EWA program and strengthen our financial offerings. With the support of esteemed investors like BAYA PTE Ltd and Saint Capital Fund, we are well-positioned to accelerate our mission of providing innovative and accessible financial solutions to individuals and businesses across India.
The funds that will be raised through this preferential issue will be strategically deployed to scale our operations, enhance our technology-driven lending platform, and optimize our capital structure. As we continue to expand our footprint, we remain committed to driving financial inclusion, improving liquidity access for employees, and delivering long-term value"
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