The company's board authorised and declared the opening of the issue on Wednesday, 10 April 2023.

The floor price of Rs 149.54 is at a discount of 6.54% to the previous day's closing price of Rs 160 on the BSE.

The company may offer a discount of not more than 5% on the floor price so calculated for the issue.

A meeting of the fund raising committee is scheduled to be held on 13 April 2023, to consider and approve the issue price of equity shares to be issued pursuant to the QIP, including any discount, if any.

The company proposes to utilize the net proceeds from the QIP issue for augmenting its long-term resources for meeting onward-lending/funding requirements of its business activities; for general corporate purposes.

Ugro Capital is a data tech lending platform. Ugro has pioneered the "Lending as a Service" (LaaS) model in India and has operationalized co-lending relationship with 10+ large public sector banks and large NBFCs and built a sizeable LaaS book of more than 15% of its AUM through the GRO Xstream platform.

The company net profit soared 287% to Rs 13.12 crore on 122.6% jump in total income to Rs 189.59 crore in Q3 FY23 over Q3 FY22.

The scrip was currently trading flat at Rs 160 on the BSE.