New Delhi, Sep 3 (PTI) Digital discount brokerage firm 5paisa Capital on Thursday said it plans to raise up to Rs 1,150 crore by issuing equity shares and other instruments.

The board of directors at their meeting held on September 3, 2020, considered to raise fund not exceeding Rs 900 crore through issuance of equity shares along with warrants or any other security, 5paisa Capital said in a regulatory filing.

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The company said it plans to raise the fund through preferential allotment, qualified institutional placement, issue of warrants or any other modes in one or more tranches.

Additionally, the board also cleared the proposal for raising up to Rs 250 crore through issuance of non-convertible debentures on a private placement basis, it added.

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Among others, the board of directors also approved the appointment of Ravi Garikipati as an additional non-executive and independent director with effect from September 3, 2020.

5paisa Capital said it will seek approval from members through postal ballot for the fundraise plan and appointment of Garikipati.

Garikipati is an entrepreneur and technologist with over 30 years of experience mostly in technology and executive leadership roles.

He was chief technology officer at Flipkart in the past and has recently co-founded fintech start-up Davinta Finserv focussing on financial inclusion for the bottom of the pyramid.

Shares of 5paisa closed at Rs 378.85 apiece on BSE, up 4.50 per cent from the previous close.

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