Stocks

5Paisa.com’s rights issue oversubscribed 111%

Our Bureau Mumbai | Updated on August 13, 2019 Published on August 13, 2019

5Paisa.com, a discount broking firm, said on Tuesday that its maiden rights issue has been oversubscribed 111 per cent, with it receiving bids worth ₹ 112 crore against the ₹ 101 crore on offer.

The rights issue opened on July 23 and closed on August 6, it said in a statement.

“The company aims to deploy the capital primarily for business expansion and we expect the issue to provide a strong boost to our growth momentum,” Prakarsh Gagdani, CEO at 5Paisa.com said.

5Paisa.com had a market share of 2.4 per cent in the cash segment and an overall 1.9 per cent as of FY19 end. 5Paisa.com aims to garner about 1 million customers by the end of FY20.

Published on August 13, 2019
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