Saturday , October 16 2021

Cholamandalam Investment rises on signing shareholders agreement, share subscription agreement with Paytail Commerce

Cholamandalam Investment and Finance Company is currently trading at Rs. 590.00, up by 10.05 points or 1.73% from its previous closing of Rs. 579.95 on the BSE.

The scrip opened at Rs. 585.30 and has touched a high and low of Rs. 592.65 and Rs. 578.95 respectively. So far 38289 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 600.90 on 30-Apr-2021 and a 52 week low of Rs. 221.00 on 22-Sep-2020.

Last one week high and low of the scrip stood at Rs. 593.50 and Rs. 560.85 respectively. The current market cap of the company is Rs. 48414.33 crore.

The promoters holding in the company stood at 51.61%, while Institutions and Non-Institutions held 40.68% and 7.72% respectively.

Cholamandalam Investment and Finance Company has signed Shareholders agreement and Share Subscription agreement with the Paytail Commerce, Founders and other existing shareholders of Paytail Commerce. Paytail is a payments software start‐up company which works with NBFCs and provides technology for instant loan processing to consumers to buy products as well as services across merchants. The investment will result in the company holding up to 16.29% of the equity capital of Paytail.

The proposed investment is in line with the long‐term direction of the company to move towards the ecosystem model. Paytail being a company forming part of the digital and technology ecosystem is expected to add value to the Chola ecosystem.

Cholamandalam Investment and Finance Company is among the top 5 NBFC’s in the country operating in vehicle finance, home equity, corporate and mortgage finance segments with subsidiaries in the broking and wealth advisory space.

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