Ugro Capital To Raise Rs 1,322 Crore Via Compulsory Convertible Debentures, Warrants
This will be the third capital raise by the company, backed by marquee institutional investors.
The board of directors of Ugro Capital Ltd. on Thursday approved the raising of Rs 1,322 crore through compulsory convertible debentures and warrants. Funds will be raised from existing and new institutional investors and the marquee family offices.
The equity fundraise is subject to shareholder approval, the company said in an exchange filing. The founder of the DataTech NBFC, board members and the management team have committed Rs 16.25 crore in warrants.
The fundraise received interest from Samena Capital, one of the existing private equity investors. While Samena Capital committed Rs 500 crore through warrants, institutional investors like Aregence and some marquee family offices have committed to compulsorily convertible debentures and warrants.
This will be the third capital raise by the company, backed by marquee institutional investors. The first fundraise of Rs 914 crore was in 2018 and the second fundraise of Rs 340.5 crore was last year. Additionally, the company secured Rs 100.5 crore from long-term shareholders.
In addition, the board has also approved the acquisition of financial services platform, MyShubhLife, for Rs 45 crore in a cash and equity deal. The acquisition will be 64% equity and 36% cash, according to the filing.
