This LIC-backed NBFC stock surges over 6% as company allots commercial papers - Do yo own?

Shares of Life Insurance Corporation of India (LIC)-backed non-banking finance company (NBFC), Paisalo Digital, surged over 6 per cent today, a day after the company informed exchanges that its operations and finance committees of the board of directors have allotted 700 commercial papers having a face value of Rs 5,00,000 each and an issue price of Rs 481,822.50 per unit. According to the information shared, the company has raised a total of Rs 33,72,75,750 through this issue, with a redemption value of Rs 35 crore. These CPs have a tenor of 162 days, meaning they will mature on March 25, 2026. The issue has a yield of 8.50, and IDBI Bank Limited has been appointed as the Issue Placement Agent (IPA).

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