Moneycontrol
Last Updated : Feb 21, 2017 12:53 PM IST | Source: CNBC-TV18

Stampede Capital to raise $40 mn, will reduce promoter stake

Stampede Capital, a non-bank liquidity solution provider, has approved fund raising via various options. It intends to raise capital up to USD 40 million and will issue 5 crore equity share warrants in the company. This will take the total authorised share capital of the company from Rs 34 crore to Rs 45 crore.

Stampede Capital, a non-bank liquidity solution provider, has approved fund raising of by various options. It intends to raise capital up to USD 40 million and will issue 5 crore equity share warrants in the company. This will take the total authorised share capital of the company from Rs 34 crore to Rs 45 crore.

Speaking to CNBC-TV18 Venkat Meenavalli the Chairman said the company has three subsidiaries and with this fund raising it intends to unlock value into each of them. It also intends to become the holding company, he added.

Two of the company's subsidiaries are into fintech and one is in trade finance. The company aims to use some of the raised funds to infuse fresh capital into its fintech subsidiary, which is slated to have an extremely aggressive growth going forward. Post the equity dilution Meenavalli said, the promoter holding in the company will be 15 percent.

The company recently had reported its earnings results for Q3FY17 which showed a decline in profit growth backed by high cost of operations and other expenses.

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First Published on Feb 21, 2017 12:53 pm
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