Geojit Financial stock rises as board to finalise details of Rs 200 crore rights issue on Sept 19

Investor Rekha Jhunjhunwala held 17.21 million shares, or a 7.2 percent stake in Geojit Financial Services, at the end of the June 2024 quarter

Geojit Financial's Rights Issue Committee is scheduled to meet on September 19, 2024, to finalize key details regarding its upcoming rights issue. During the meeting, the committee will decide on crucial aspects such as the issue price, the rights entitlement ratio, and other related matters.

This follows the Board of Directors' approval on July 13, 2024, for the offer of equity shares through a rights issue to eligible shareholders. The total amount for the issue will not exceed Rs 200 crore, with the record date for eligible shareholders to be determined. The process will adhere to SEBI regulations and other applicable laws.

At 9:18 am, Geojit Financial shares price was up 3.7 percent higher at Rs 175.39 on the NSE in the previous session. The stock has rallied 118 percent so far this year, massively outperforming Nifty's returns of 14 percent.

In the past 12 months, the Jhunjhunwala portfolio multibagger has zoomed 230 percent, more than tripling investors' money. In comparison, Nifty rose 28 percent during this period.

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Investor Rekha Jhunjhunwala held 17.21 million shares, or a 7.2 percent stake in Geojit Financial Services, at the end of the June 2024 quarter. Besides Rekha Jhunjhunwala, BNP Paribas, C J George, Founder and Managing Director of Geojit, and Kerala State Industrial Development Corporation (KSIDC), are the other prominent shareholders of the company.

Geojit Financial Services is engaged in the business of retail and institutional broking and distribution of financial products. The company reported a 107 percent on-year (YoY) increase in net profit at Rs 45.81 crore in Q1FY25.

Meanwhile, its consolidated revenue grew 56 percent YoY to Rs 181.18 crore. As of June 30, 2024, the company’s assets under custody and management (AUM) stood at Rs 1.03 lakh crore, and it had over 1.41 million clients.

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