This multibagger NBFC stock with nearly 100% return in 1 year to sale stake in ANS Developers
The NBFC stock has delivered multibagger returns to its investors. According to BSE data, it has made its investors richer by a whopping 97 per cent in the last year.
Leading NBFC UY Fincorp has announced the disinvestment of its entire stake, in reality, major ANS Developers. The Kolkata-headquartered NBFC holds 32 lakh equity shares, representing a 14.13 per cent stake. UY Fincorp in a statement said that it has entered into a share purchase agreement with Golden Goenka Credit for the stake sale. The company is looking to raise more than Rs 80 million through the stake sale.
The selling price will be based on a valuation certificate issued by a SEBI-approved Merchant Banker. The valuation will be based on ADPL's financial statement for the financial year ending on March 31, 2023.
UY Fincorp is an RBI-registered NBFC that majorly provides business loans and other financial services. It said that the funds will be utilized to invest in new opportunities and strengthen its financial position.
The statement said that the strategic move is aimed at unlocking value and optimizing the portfolio.
The NBFC stock has delivered multibagger returns to its investors. According to BSE data, it has made its investors wealthier by a whopping 97 per cent in the last year. On a YTD basis, it has yielded a return of 124 per cent.
The firm posted net sales of more than Rs 20 crore in the June 2023 quarter on a standalone basis, representing a jump of more than 110 per cent from the corresponding quarter in the previous financial year.
According to JM Financial, NBFCs exhibited a strong performance in the April-June quarter across all the parameters, driven mainly by retail consumer and SME loans. The sector is expected to grow further with a rise in economic activities and businesses eyeing expansions to increase their participation in the country's growth.
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