Cholamandalam DBS Finance rose 1.83% to Rs 41.70 on 29th Dec'08, extending gains for the second trading session in a row on its plan to raise Rs 300 crore by issuing preference shares to promoters.
The stock had jumped 9.93% to Rs 40.95 on Friday, 26 December 2008, when the company made the announcement during market hours
The stock hit a high of Rs 42.80 and a low of Rs 41 so far during the day. The stock had touched a 52-week high of Rs 389.50 on 2 January 2008 and a 52-week low of Rs 27 on 25 November 2008.
The stock is up 11.94% from a recent low of Rs 37.25 on 24 December 2008.
The small-cap financial services provider has an equity capital of Rs 37.95 crore. Face value per share is Rs 10.
The company will issue one crore fully convertible preference shares at Rs 100 each at a premium of Rs 200 to promoters. The shares will be convertible into equity within 18 months. However, the conversion ratio was not disclosed.
Promoters held 74.96% stake in the company as at end September 2008
The company posted net loss of Rs 10.50 crore in Q2 September 2008 as compared to net loss of Rs 18.02 crore in Q2 September 2007. Operating income rose 31% rise to Rs 280.48 crore in Q2 September 2008 over Q2 September 2007.
Cholamandalam DBS Finance, a non-banking financial company, is a joint venture between Murugappa Group and DBS Bank of Singapore. It offers personal loans, vehicle finance, corporate finance, capital market finance and home equity loans.
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