Shares of Cellecor Gadgets rise 5% as the business uses NCDs to raise capital.
Cellecor Gadgets is a company that deals in the purchase, labelling, and distribution of neckbands, smart watches, mobile accessories, wearable technology, and televisions.
Cellecor Gadgets Ltd.’s shares increased by more than 5% during Friday’s trading session following the company’s announcement that it would be using non-convertible debentures (NCDs) to raise capital. The same was disclosed by the business on Thursday after market hours through an exchange filing.
The issuance of unlisted, secured, redeemable, partly-paid, non-convertible debentures (NCDs) under private placement basis up to Rs 10.20 crore was considered, approved, and taken on record by the board of directors of Cellecor Gadgets (formerly known as Unitel Info and Unitel Info) at their meeting on Thursday, January 18. The company made this announcement in an exchange filing.
1,020 NCDs of Rs 1 lakh each will be issued by the business, with an allotment date of January 18, 2024. The NCDs’ coupon rate, which is set at 16 percent annually and payable on a monthly basis, will mature after 13 months from the date of allocation.
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Following the release, Cellecor Gadgets’ shares increased by around 5% to Rs 314.40 on Friday, resulting in a nearly Rs 650 crore market capitalization. As the session went on, the scrip gave up its gains and closed below its prior finish on Thursday, at Rs 299.20.
In September 2023, Cellecor Gadgets’ shares were listed on the NSE’s SME platform. The SME player had generated Rs 50.77 crore through an initial public offering (IPO) wherein its shares were sold for Rs 92 each. Since its initial public offering, the stock has increased by more than 240%.
Acquisition, branding, and distribution of televisions, smartphones, wearable technology, mobile accessories, smart watches, and neckbands are the activities of Cellucor Gadgets, an organisation founded in 2020. Its three business verticals are contemporary accessories, peripherals, and entertainment and communication.