
Shares of Advik Capital Ltd rose about 4 per cent during the trading session on Monday after the company announced its plans to launch an alternative investment fund (AIF). The company will be filing for the licence with Sebi, the company said in the exchange filings with the bourses. The RBI registered NBFC has firmed up its plan to apply for licence for AIF category-II with SEBI Alternative Investment Fund Regulations, it said in the filing. "Advik is aiming to raise up to Rs 250 crores in its Alternative Investment Fund and as sponsor of the proposed AIF has earmarked and is committed to invest 10 per cent of the corpus of the fund," it said. This initiate part of Advik Capital’s business expansion strategy with the objective of broad-basing the portfolio, and diversifying into futuristic new edge businesses, complimenting and supplementing the existing business lines of the company, the exchange filing added. Following the announcement, shares of Advik Capital rose about 4 per cent to Rs 2.97 on Monday, compared to its close at Rs 2.86 in the previous trading session. The stock has surged more than 950 per cent in the last three years, while the stock is up 56 per cent from its 52-week lows. Advik Capital has mandated the all the intermediaries, merchant bankers and legal consultant for formalise the strategies, preparation of all the documentation and submission of the application with SEBI for necessary approvals, and is in the ϐinal process of recruiting the Chief Investment Officer and investment management team for efficient execution, added the filing. New Delhi-based Advik Capital is engaged primarily in the business of providing financial loans and in providing ancillary services and a non-deposits taking non-banking finance company (NBFC) registered with the Reserve Bank of India. Its wholly owned subsidiary Advikca Finvest is engaged in the business of making investments in capital markets instruments.
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