Poonawalla Fincorp Shares In Focus: Opens QIP To Raise Rs 2,500 Crore

Poonawalla Fincorp shares will be in focus on Friday as it opens a qualified institutional placement of shares to raise up to Rs 2,500 crore, people in the know told NDTV Profit.

The indicative issue price is set at Rs 370.75, which is at a 7.7% discount to the current market price, people in the know added. However, according to an exchange filing released by the company, the board approved a floor price of Rs 390.26 per equity share for the QIP.

Earlier this year in January, along with its third quarter results, the board had also approved raising upto Rs 5,500 crore through the QIP.

Earlier this week the non-banking financial company said that its assets under management stood at Rs 60,325 crore as of March 31 in its provisional business update.

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Poonawalla Fincorp also said its maintained ample liquidity at the end of the March quarter was around Rs 7,550 crore.

Poonawalla Fincorp Share Price Today

The scrip closed 3.15% lower at Rs 401.75 apiece on Thursday. This compares to a 0.93% decline in the NSE Nifty 50 Index. During the day, the stock fell as much as 4.39% to Rs 396.60 per share.

It has fallen 14.05% in the last 12 months and 16.81% year-to-date.

UBS Securities India Private Limited (UBS) earlier this year initiated coverage on the consumer lending company. The brokerage has assigned a 'buy' rating and setting a target price of Rs 640, citing the company's strengthening franchise and growth outlook.

The brokerage says that Poonawalla Fincorp is supported by strong management quality and the promoter group's credibility. One of the key differentiators for the non‑banking finance company (NBFC) is its AAA credit rating, which is relatively rare in the sector. This rating, driven by promoter support and disciplined risk management, provides the company with access to low‑cost funding.