Finkurve Financial Services announced the successful closure of fund raising amounting to Rs. 111.50 crore (approx.). This was achieved through a combination of preferential issue of equity shares and share warrants to Promoter and Non Promoters.
This strategic capital infusion is a significant milestone for the Company and is aligned with its objective to scale up operations, expand its technology-driven phygital model, and enhance market presence in India's rapidly evolving gold loan industry.
The Company has allotted 1,30,13,100 equity shares of face value Rs. 1 each at an issue price of Rs. 78 per share (including a premium of Rs. 77), aggregating to Rs. 101.50 crore to a diverse set of non-promoter(s) including institutions and High Net worth Individuals.
Additionally, said promoters have subscribed to 51,28,105 share warrants at Rs. 78 each. The Company has already received Rs. 9.99 crore, representing 25% of the warrant issue price, as upfront subscription. The remaining 75% will be received upon exercise of the warrants within 18 months, translating into a total potential capital inflow of Rs. 39.99 crore.