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Image Source : AP Representational picture of market
The NBFC is holding the fort amid uptrend in the economy and continuous foreign inflows. Driven by stepped up approach of adopting digital technologies, the country’s financial services sector is undergoing a significant transformation.
Boosted by the evolving preferences by consumers and increasing competition, the financial services sector has transformed the market. As the sector continues to attract new players growth being driven in a big way, leading NBFC player Visagar Financial Services has informed exchanges that England-based Alliance Global Blanco is keen to acquire a stake.
Alliance Global Blanco is a wealth and asset management firm or asset management company (AMC) which manages more than $150 billion.
Visagar in an exchange filing said that the proposed acquisition could be done through open market purchase or via additional right issue shares, in any case the Alliance Global will be a majority stake holder of the NBFC.
In addition to its investment activities, the NBFC is also into debt financing and foreign currency financing.
A zero-debt penny stock, the shares of financial services have made its investors richer by 350 per cent in the last three years, according to exchange data. In December last year, it had declared 51:10 rights issue. In the financial year 2022-23, the company had posted 230 per cent jump in net revenue.
Notably, India’s financial sector has grown stronger over the years with the Modi government’s policies driving the financial inclusion, making crores of people part of the formal financial system. The financial sector’s growth and inclusion of poor in the mainstream in the last few years indicate the economy’s resilience. The government has helped fulfill the dreams of crores of people through schemes like Mudra loans, PM Swanidhi Yojana and others.
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