Fino Payments Bank shares jump over 37% in just 2 trading sessions

Market


Shares of Fino Payments Bank Ltd have rallied more than 14% to 264 apiece on the BSE in Thursday’s early trading session. The stock has been in an upward movement since the past few sessions on the back of increase in volumes as the scrip has jumped more than 37% in just two trading sessions.

As per the block deal data on the NSE, Capri Global Holdings Private Limited bought 1.32 million shares representing 1.59% of the total equity of Fino Payments Bank at price of 228.77 per share via open market deals on Wednesday, November, 23, 2022.

The exchanges sought clarification in respect of significant increase in volume of shares of Fino Payments Bank Limited across Exchanges, in the recent past, to which the bank on Wednesday responded “in this regard, we wish to inform that there is no undisclosed information and/or announcement (including impending announcement) which in our opinion may have a bearing on the Price/Volume behaviour of the Bank’s Scrip. The Bank has made necessary disclosures pursuant to Regulation 30 of the SEBI Regulations, 2015 within stipulated time frame and all such disclosures are in public domain.”

In October this year, the bank’s Managing Director and Chief Executive Officer Rishi Gupta in an interaction with news agency PTI had said that the bank will approach the Reserve Bank of India (RBI) for a small finance bank (SFB) licence at an appropriate time. RBI guidelines stipulate that a payments bank more than five years old can apply for a licence for a SFB.

“The natural migration for Fino from a banking licence point of view will be into a small finance bank. We have started to offer credit in partnerships with other players. We are also building a large customer and merchant base, which will come handy as we decide on SFB. Having said that, right now we are internalising it. And once we close that communication and we believe that it is the right path or approach, then we will write to RBI for approval,” Gupta told PTI.

Fino Payments Bank shares made their stock market debut in November last year, and are down over 52% since its listing. The IPO was subscribed 2.03 times that was open from October 29, 2021 till November 1, 2021. The price range for the offer was at 560-577 per share.

 

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