SE Investments rallies over 60% in three days on fund raising plan

The stock rallied 19% to Rs 282, extending its past two days 42% surge on the National Stock Exchange.

S.E. Investments rallied 19% to Rs 282, extending its past two days 42% surge on the National Stock Exchange (NSE), after the company’s board approved the proposal of raising funds by way of issue of unlisted unsecured non-convertible redeemable debentures for an amount up to Rs 95 crore on private placement basis.

The issue was opened on Friday, September 9, 2016 and closing on September 16, SE Investments said in a filing.

S.E. Investments has focus on small finance and works with low-income families to provide financial solutions. It is also in the business of providing term loan and working capital support to traders and medium sized enterprises.

The company is presently operating in the districts of Agra, Mathura, Bareilly, Aligarh, Hathras, Delhi, Jaipur, Ahmedabad, Mumbai and Jodhpur.

At 02:00 PM, the stock was up 16% at Rs 275 on the NSE, as compared to 1.6% decline in the Nifty 50 index. A combined 59,561 shares changed hands on the counter on the NSE and BSE.