Penny stock below ₹2: Standard Capital Markets share jumps after completion of fundraise process

Penny stock below ₹2: Standard Capital Markets Limited gained 4-5% in the morning trades on Thursday as the company announced completion of fundraise process.

The Standard Capital Markets share price opened at ₹1.14 on the BSE on Thursday, almost 1.17% higher than the previous close of ₹1.12. The Standard Capital Markets share price thereafter jumped to highs of ₹1.7 marking gains of 4.5% during the intraday trades.

Standard Capital Markets announced in its filing on the exchanges post market hours on Wednesday that it completed fund raising to he tune of ₹70 crore by issue of Non-Convertible Debentures

The Board of Directors of Standard Capital Market, as per the company release, in their meeting held on October 30, 2024 commenced that 2:45 P.M. and Concluded at 03:25 P.M., had approved the allotment of 7000 unrated, unlisted, secured NCDs, of face value of Rs. 1,00,000/- each at an issue price of Rs. 1,00,000/- each aggregating to INR 70,00,00,000 (Indian Rupees Seventy Crores Only). The same has been done on Private Placement basis in terms of Private placement cum application

Standard Capital Market earlier had intimated the exchanges on October 24 2024 , regarding raising funds by the issue of Non-Convertible Debentures (“NCDs”) on Private Placement basis in accordance with Regulations of SEBI.

Standard Capital in September also has Expanded Green Energy Funding and in September had announced a comprehensive funding initiative aimed at supporting renewable energy projects and electric vehicle (EV) mobility solutions across India. The initiative will focus on helping companies implement green energy solutions, contributing to a more sustainable and cost-effective energy landscape.

Additionally, Standard Capital also had extended its financial support to companies entering the electric vehicle (EV) mobility sector and highlighted that the Indian EV market is crucial to reducing transportation emissions.

Standard Capital share price that may be rebounding, however has more than halved from 52-week highs seen in February 2024.

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