 "S E Investments soars on plan to convert into small finance bank")
Shares of non-banking finance company (NBFC) S E Investments has soared 14% to Rs 299 on NSE after the company announced that is applying with the Reserve Bank of India (RBI) for conversion of the company into small finance bank.
"The board of directors of the company at its meeting held on January 20, 2015, has accorded its approval to draft an application for filing with RBI for conversion of the company (S. E. Investments Limited) into Small Finance Bank,” S E Investments said in a statement.
Final drafted application will be put/laid down before the board for its approval in the forthcoming board meeting to be held on February 01, 2015, it added.
The stock opened at Rs 253 and hit a high of Rs 307 on NSE. A combined 46,931 shares changed hands on the counter till 1055 hours on NSE and BSE.
"The board of directors of the company at its meeting held on January 20, 2015, has accorded its approval to draft an application for filing with RBI for conversion of the company (S. E. Investments Limited) into Small Finance Bank,” S E Investments said in a statement.
Final drafted application will be put/laid down before the board for its approval in the forthcoming board meeting to be held on February 01, 2015, it added.
The stock opened at Rs 253 and hit a high of Rs 307 on NSE. A combined 46,931 shares changed hands on the counter till 1055 hours on NSE and BSE.