“Pursuant to the definitive agreements executed on March 25, 2020, ICICI Bank has invested Rs 51.09 crore in the associate company, Auxilo Finserve by way of subscribing 34.06 million equity shares of Rs 10, constituting 9.90 per cent of its equity share capital at a premium of Rs 5 per share,” Balrampur Chini Mills said in regulatory filing on Thursday after market hours. READ EXCHANGE FILING HERE
Auxilo Finserve is a NBFC engaged in the business of providing education loans and/or loans to educational institutions.
Prior to the above investment, Balrampur Chini Mills held 50 per cent of the equity share capital in Auxilo Finserve, which now stands at 45.05 per cent, the company added.
The stock of Balrampur Chini Mills has bounced back 31 per cent from its 52-week low of Rs 68.80, touched on March 24, 2020 in the intra-day trade. However, the market value of the company has more than halved from its 52-week high level of Rs 195 hit on January 17, 2020.
Till 09:48 am, a combined 80,314 equity shares changed hands and there were pending buy orders for 595,728 shares on the NSE and BSE so far.