Akme Fintrade inks pact with MAS Financial for MSME co-lending; stock up 3%: Akme Fintrade share price
Source: Business Standard
Akme Fintrade share price: Shares of Akme Fintrade (India) Limited rose as much as 3.04 per cent to hit an intraday high of Rs 115 per share on Friday, September 27, 2024.
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The collaboration is aimed at enhancing credit access to the underserved MSME sector through a seamless digital lending platform, the company said in a statement.
“This partnership will enable Akme Fintrade to extend its reach in rural and semi-urban areas, providing crucial financial support to small business owners looking to expand their operations. The co-lending model is pivotal in helping us address the financial needs of these underserved communities,” said Akash Jain, CEO of Akme Fintrade.
Under this co-lending model, Akme Fintrade will bear 20 per cent of the loan exposure, while MAS Financial will take on the remaining 80 per cent.
Furthermore, the platform ensures a fully digital loan sanction process, covering the entire loan lifecycle from customer onboarding to disbursement and monitoring without the need for manual intervention, making loan approvals and processing faster and more efficient.
“The co-lending model was introduced by the Reserve Bank of India to address liquidity challenges faced by non-banking finance companies (NBFCs) and boost credit flow to underserved sectors. This initiative allows us to make funds accessible to the end beneficiaries at a more affordable cost,” Jain added.
Akme Fintrade IPO
Akme Fintrade made a modest debut on the stock exchanges on June 26, 2024. On the NSE, the share opened at Rs 127, marking a 5.83 per cent increase from the issue price of Rs 120. Meanwhile, on the BSE, the shares started at Rs 125.70, which is a rise of 4.75 per cent from the issue price.
Akme Fintrade share price history
Since listing, the stock has fallen over 15 per cent. The 52-week range of the Akme Fintrade stock is Rs 93.05-Rs 134.70.
Akme Fintrade (India) Limited is a publicly listed non-banking finance company (NBFC) on the BSE and NSE, established in 1996.
The company specialises in providing vehicle and business loans targeted at rural and semi-urban communities. Its product portfolio includes Vehicle Finance and Business Finance tailored for small business owners.
Key borrowers consist of individuals and small businesses seeking loans for vehicle purchases and business financing. The vehicle financing offerings encompass loans for used commercial vehicles, as well as loans for two-wheelers and used two-wheelers.
At 11:31 AM, the Akme Fintrade share was trading 1.84 per cent higher at Rs 113.65 per share. In comparison, BSE Sensex was trading 0.10 per cent lower at 85,752.45 levels.
First Published: Sep 27 2024 | 11:39 AM IST
