Capri Global shares gain 2% on IRDAI nod for insurance foray
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In March of this year, Capri Global Capital successfully raised capital of approximately Rs 1,440 crore through a rights issue.
Shares of Capri Global Captial Limited traded 2 percent higher at Rs 778 in morning trade on December 12 after the company announced it has received a corporate agency licence from the Insurance Regulatory and Development Authority of India for the launch of an insurance business.
Capri is estimated to generate a net insurance income of about Rs 20 crore in FY 2024-25, the company said in an exchange filing on December 11. The company added that it will invest roughly Rs 2-3 crore every year in the new business.
The stock performance of the company has been largely muted in the last six months, gaining a marginal 2 percent on the exchanges. The company’s market cap is about Rs 16,000 crore, Moneycontrol data showed.
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At 10:41am, the counter was trading at Rs 777, up 1.7 percent from the previous close on the NSE. The stock has pared gains as it touched an intra-day high of Rs 798.
Last month, CNBC TV-18 reported that the financial services provider is poised for growth in its assets under management (AUM) across various sectors, citing the company’s managing director, Rajesh Sharma.
Capri Global Capital, in addition to its gold loan portfolio, is emphasising the car loan sector, which is categorised as fee income for the company rather than a balance sheet item.
In March this year, Capri Global Capital successfully raised capital of approximately Rs 1,440 crore through a rights issue. The management said that the company presently has adequate capital at its disposal and has no immediate plans to raise additional funds. “There is adequate capital available, and we don’t have any plans to raise capital. The company does not require additional capital for the next 12 months,” CNBC TV-18 reported last month.
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