Cellecor Gadgets shares jump 5% as company raises funds via NCDs

Shares of Cellecor Gadgets Ltd rose more than 5 per cent during the trading session on Friday after the company announced to raise funds via non-convertible debentures (NCDs). The company informed about the same through an exchange filing after the market hours on Thursday.

The board of directors of Cellecor Gadgets (formerly known as Unitel Info and Unitel Info) in its meeting held on Thursday, January 18, considered, approved and taken on record the issuance of unlisted, secured, redeemable, partly-paid, non-convertible debentures (NCDs) under private placement basis up to Rs 10.20 crore, said the company in the exchange filing.

The company will be issuing 1,020 NCDs of Rs 1 lakh each, with the date of allotment as January 18, 2024. The NCDs will be maturing after 13 months from the date of allotment and the coupon rate for the NCD is fixed at 16 per cent per year, payable on a monthly basis.

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Following the announcement, shares of Cellecor Gadgets rose about 5 per cent to Rs 314.40 on Friday, commanding a total market captialisation of close to Rs 650 crore. The scrip gave up its gains as the session progressed and slipped below its previous close at Rs 299.20 on Thursday.

Shares of Cellecor Gadgets were listed at the SME platform of NSE in September 2023 as the SME player raised Rs 50.77 crore via IPO route by selling its shares for Rs 92 apiece. The stock has surged more than 240 per cent from its issue price so far.

Cellucor Gadgets, Incorporated in 2020, is engaged in the procurement, branding, and distribution of televisions, mobile phones, Smart Wearables, mobile accessories, smart watches, and neckbands. It has three business verticals- entertainment and communication, peripherals and modern accessories.

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