UGRO capital successfully raises equity capital

UGRO Capital Limited (NSE: UGROCAP) (BSE: 511742), a leading Data Tech NBFC focused on MSME lending, today announced the successful completion of its equity capital raise and the allotment of Compulsory Convertible Debentures (CCD) and warrants worth INR 1,265 Crore.

The Company's Board of Directors had approved an equity capital raise of INR 1,332.66 Crore during a board meeting on 2nd May 2024, coinciding with the peak of the Indian general elections.

UGRO Capital received Shareholders' approval on 1st June 2024, a period filled with the uncertainty surrounding the election results and the resultant market fluctuations. However, investor commitment in UGRO remained robust. All investors, except the ones who became ineligible for regulatory reasons, invested full money in UGRO. The company successfully allotted CCDs worth INR 258 crores and warrants worth INR 1,007 crores, with strong backing from existing private equity investor Samena Capital, which committed INR 500 Crores through Warrants. Other significant commitments came from institutional investors such as Aregence and several of India's marquee family offices. UGRO'S founder, board members, and management team also subscribed to the Warrants issue.