Oracle Credit hits upper circuit as board approves fundraise plans

Shares of Oracle Credit were locked in upper circuit in early trade on March 28 after the company’s board approved its plans for a fundraise. “Post approval, the company is set to raise up to Rs 49 crore through issuing equity shares by way of rights issue to the eligible equity shareholders as on the record date which will be notified in the due course,” the company wrote in an exchange filing.

The rights issue of equity shares will also take the company’s share capital from the existing Rs 10 crore to Rs 25 crore.

Oracle Credit is a non-banking financial company with a market capitalization of Rs 43.44 crore. The company is involved in the business of granting loans and making investments. At 10:00 am, shares of Oracle Credit were locked in 5 percent upper circuit at Rs 62.62.

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Despite gains in today’s session, the stock is still down around 81 percent from its lifetime high tested in October last year. In the third quarter of FY23, the company posted a net profit of Rs 74.56 lakh, up 28.6 percent sequentially, on  a revenue of Rs 173.71 lakh which grew 59 percent as against the previous quarter.