Fino PayTech floats rights issue
Navi Mumbai-based Fino PayTech has floated the letter of rights issue of the equity shares. The issue will open on September 4 and closes on September 21.
The company is offering one equity share for every 34 shares held by the shareholders as of the record date, which has been set as August 27, 2021. Investors have to pay a 100% amount at the time of application.
The company is offering the shares via rights issue at a price of Rs 252 per equity share with a face value of Rs 10 each. However, the company will issue shares at a 33 percent discount, compared to the current market price of the counter.
IPO bound Fino PayTech is eyeing to raise about Rs 74.75 crore by issuing 29,66,470 crore equity shares to eligible shareholders via rights issues.
The company has Fino Payments Bank, Fino Finance, and Fino Financial Services as its wholly-owned subsidiaries, whereas Fino Trusteeship Services is the associate concern.
Fino Paytech is engaged in providing technology-based solutions and services related to financial inclusion The company’s business and banking technology platform combined with extensive service delivery channels.
The Company services institutions such as banks, microfinance institutions, government entities, and insurance companies.
Fino Paytech holds the right to change the terms of the ‘Offer’ at its sole discretion without giving any reason or prior notice, the letter said. Adroit Corporate Services Private Limited is the registrar of the issue.
In the financial year 2020-21, the company clocked a total consolidated revenue of Rs 860.37 crore, marginally higher than Rs 852.92 crore of revenue registered in the financial year 2019-20.
The net loss of the company widened from Rs 52.41 crore in FY 2020-21 to Rs 22.19 crore in FY 2019-20. It reported a loss of Rs 49.78 crore operation basis against 19.86 crores during the period under review.
The earning per share (EPS) of the company declined to -3.94 during the financial year ended on March 31, 2021, from -1.66 a year ago.