Purple Finance Limited Rights Issue Oversubscribed 1.5 Times
Purple Finance Limited, an MSME-focused NBFC listed on the BSE (purplefin), has announced the successful closure of its recent rights issue, which was oversubscribed by 1.5 times. The issue offered 1,12,04,985 shares at Rs.40 per share, resulting in strong investor interest, with valid applications totaling 1,71,99,236 shares—53% higher than the issued amount.
This successful fundraising reflects strong investor confidence in Purple Finance's strategy to support micro, small and medium enterprises (MSMEs) in meeting their funding needs. The capital raised from the rights issue will be used to expand the company’s loan book, enhancing its ability to provide essential financial services to underserved businesses. This also validates the company's vision and operational capabilities, reinforcing its position as a growing financial institution.
Purple Finance is based in 30 cities across tier-2 and tier-3 locations in Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh, where it plays a pivotal role in providing timely financial assistance to small businesses. The Company focuses on secured loans to MSMEs and currently serves over 1,100 customers, with a loan disbursal exceeding Rs.60 crores.
This milestone represents a significant step in the Company's journey toward empowering small businesses and fostering economic development in India.
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