Board of Paisalo Digital approved the issue of 2.61 million equity warrants on a preferential basis to promoter group that shall be converted into an equivalent number of equity shares, this shall increase the shareholding of promoters by approximately 5 per cent of post-issue capital.
The company signed the first co-lending arrangement in the country and primarily focuses on small-ticket size income generation priority sector loans. Paisalo Digital has entered this co-lending arrangement with India's largest PSU bank, wherein it would originate and process loans with its proprietary credit algorithm under its income generation loans extended to both individuals and group lending schemes, of which 80 per cent would be funded by the PSU bank and the balance would be funded by Paisalo Digital.
The company would manage the loan including collections and would earn a fee on the AUM. This arrangement positions PAISALO at the forefront of Digital Transformation of lending sector happening in India as well as contributes to the Government of India's Financial Inclusion and Atmrbhar Bharat Plan.
Incorporated in 1992, Paisalo Digital is registered with the Reserve Bank of India (RBI) as a non-deposit taking systemically important non-banking finance company (ND-SI-NBFC).
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( With inputs from ANI )
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