Capital India Finance gets board nod to raise up to Rs 1,000 cr via debt securities

The board of directors at its meeting held on Wednesday approved raising of funds, in Indian/foreign currency, of up to Rs 1,000 crore through issue of non-convertible debentures/bonds, medium term notes and other debt securities, Capital India said in a regulatory filing.

The fundraise is subject to shareholders’ nod and other regulatory approvals.

It also reported its financial results for FY21, registering over 56 per cent dip in consolidated net profit at Rs 6.08 crore as against Rs 13.86 crore in the preceding fiscal.

Total income for the year, however, soared multi-fold to Rs 579.51 crore from Rs 179.27 crore in FY20.

The board has recommended a final dividend of Rs 0.10 per share of Rs 10 each for the fiscal year ended March 31, 2021, it said.

Dividend declaration is subject to approval of shareholders at company’s ensuing annual general meeting.

The company also said its board has approved the appointment of Vineet Kumar Saxena as chief executive officer of the company with effect from May 26, 2021.

It also cleared appointment of Subhash Chander Kalia as an additional director in the category of independent director for a term of 5 years from May 26, 2021.

Saxena is a banker and finance professional, with two-and-a-half decades of experience in commercial and retail lending functions. Kalia has over 38 years’ experience in public sector banking both in India and overseas.

Capital India is a technology enabled SME finance platform. It partners with small and medium businesses with customised finance solutions. It is also engaged in retial finance, remittance and payments solutions.

Stock of the company closed 2.17 per cent up at Rs 112.90 apiece on BSE.