5Paisa.com proposes Rs 102-cr rights issue

Brokerage firm 5Paisa.com said it is seeking approval from markets regulator Sebi for raising Rs 102 crore through a rights issue. The company has received in-principle approval from NSE and BSE.

It proposes to issue equity shares by way of a rights issue to existing shareholders in the ratio of 1 equity share of Rs 10 each for every equity share held in the company at a premium of Rs 70 per share, 5Paisa.com said in a statement. The company would be able to raise Rs 101.9 crore.

It also said its free mobile application 5Paisa has crossed 2 million users, the most downloaded and used application among discount brokers in the country. It claimed that the app is the fastest to reach the 2 million downloads mark in the financial markets application space and remains one of the most used apps anywhere in the world.

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