Madhuri Madhusudan Kela buys stake in this multibagger smallcap stock via bulk deal
Madhusudan Kela, has picked up a stake in Niyogin Fintech through bulk deals on Wednesday. According to bulk deals data available with the exchanges, Madhuri Kela has bought 50.2 lakh shares or 5.3% stake in the company. The transaction was done at a weighted average price of Rs 61.65.
Meanwhile, WF Asian Reconnaissance Fund has sold 1.21 crore shares in the company, while Think India Opportunities Master Fund has bought 50.8 lakh shares, data further showed. Niyogin Fintech caters to India’s MSMEs and is a B2B company that operates on a tech centric platform-based model, wherein it delivers 'Banking as a Service’ or BaaS platforms and credit in both rural and urban India through a partnership-led strategy. The company ties up with business correspondents, banks and neobanks to offer BaaS platforms, while it provides credit and other financial services through its financial professional network.
It is a majority public owned company with 60.40% stake, while the rest lies with the promoters. Among the public shareholders, foreign portfolio investors have 12.13% in the company. The company will announce its first quarter results on August 9.
In the June quarter, Niyogin more than doubled its gross loan book to Rs 118 crore, while gross transaction value jumped 266% to Rs 9,893 crore. “We are excited to report another quarter of numbers demonstrating our growth momentum. Our GTV grew 70% sequentially on the back of new partnerships and incremental scaling from our existing marquee partners," said Tashwinder Singh, CEO and MD, Niyogin Fintech.
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