The board of administrators at their assembly held on September 3, 2020, thought-about to lift fund not exceeding Rs 900 crore by way of issuance of fairness shares together with warrants or some other safety, 5paisa Capital stated in a regulatory submitting.
The corporate stated it plans to lift the fund by way of preferential allotment, certified institutional placement, situation of warrants or some other modes in a number of tranches.
Moreover, the board additionally cleared the proposal for elevating as much as Rs 250 crore by way of issuance of non-convertible debentures on a personal placement foundation, it added.
Amongst others, the board of administrators additionally authorised the appointment of Ravi Garikipati as an extra non-executive and impartial director with impact from September 3, 2020.
5paisa Capital stated it’ll search approval from members by way of postal poll for the fundraise plan and appointment of Garikipati.
Garikipati is an entrepreneur and technologist with over 30 years of expertise largely in know-how and government management roles.
Shares of 5paisa closed at Rs 378.85 apiece on BSE, up 4.50 per cent from the earlier shut.