OnEMI Technology Solutions has received in-principle approval from the BSE and the NSE for a share issue of up to Rs 832.2 crore. OnEMI is the parent of the digital lending platform Kissht. The money will come in through a preferential issue of equity shares.
The exchanges granted approval on 19 October. OnEMI filed the update on 20 October. The company will issue up to 2,64,93,882 equity shares at Rs 314.11 each, including a premium of Rs 313.11. The shares will go to 34 identified non-promoter investors. The approval does not mean the money is in yet.
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Who Is Putting In The Money
The investor list includes Axis Mutual Fund, HDFC Mutual Fund, Groww Mutual Fund and Bandhan Mutual Fund. Massachusetts Institute of Technology, WhiteOak, 360 ONE and Citigroup Global Markets Hong Kong are also in. Nippon India Equity Opportunities AIF and Unity Small Finance Bank complete the set. That mix brings domestic mutual funds, a global bank and a university endowment onto the cap table.
Where The Money Will Go
Three-fourths of the proceeds will go into Si Creva Capital Services. That firm is a wholly owned subsidiary of OnEMI and runs the lending operations. The capital will also fund technology and new products. OnEMI lends to consumers and small businesses through a technology-led model. The remaining 25% is marked for general corporate purposes.
The Road To The Issue
OnEMI’s board cleared the plan on 17 September. Shareholders approved it at an extraordinary general meeting on 14 October. The approvals are subject to statutory and regulatory conditions. The company must also apply for listing approval once the new shares are allotted.
The move comes about five months after OnEMI listed in May. Its Rs 926 crore IPO had a fresh issue of Rs 850 crore and an offer for sale of about Rs 76 crore. The stock listed on 8 May at Rs 191 on the BSE and Rs 190 on the NSE, against an issue price of Rs 171.
What Is Next For OnEMI
OnEMI is targeting multiple credit rating upgrades over the next two years. Better ratings would lower borrowing costs and widen access to funds. The fresh capital is meant to strengthen the balance sheet before that push. For OnEMI, the immediate task is to complete the allotment and list the new shares.