Fintech stock gained up to 2% after the company board of directors approved the proposal to obtain 56.93% share capital of Aceware Fintech.
The shares of this financial service provider gained up to 2 percent after the company board of directors approved the proposal to invest in M/s. Aceware Fintech Services Pvt Ltd to obtain 56.93% of the issued and paid-up share capital.
With a market capitalization of Rs 947.57 Crores. Radiant Cash Management Services Ltd, On Monday, The shares were trading at Rs 88.80 a share, an increase of 0.29 percent from the previous closing price.
The board of directors of Radiant Cash Management Services Ltd approved the proposal to invest in M/s. Aceware Fintech Services Pvt Ltd to obtain 56.93% of the issued and paid-up share capital, according to the company filing. The primary investment in that company will consist of 7,07,693 equity shares or 46.76 percent of the total, and the secondary acquisition will consist of 1,53,846 equity shares or 10.17 percent of the total.
Aceware specializes in providing comprehensive state-of-the-art digital banking solutions in rural areas targeting rural retail outlets, rural cooperative banks, and cooperative societies.
Radiant has a Phygital Platform that enables a secure physical network to span 14,000 pin codes, 10,000 employees, 950+ armored vehicles, robust risk management, in-house tech development for specific use cases, and a Fintech platform. These elements allow Radiant to move up the value chain.
Looking into the company’s performance, Radiant Cash Management Services Ltd’s revenue increased by 5.6 percent from Rs 88 Crore in Q2FY23 to Rs 93 Crore in Q2FY24. During the same period, net profit decreased by 33 Rs 15 crore to Rs 10 Crore.
Over the course of the previous fiscal year, Radiant Cash Management Services successfully brought on 24 new customers. Getting in new customers shows that the business can draw in and keep clients, which increases its market share and solidifies its position as the top provider of cash management services.
The market leader in retail cash management services for banks, financial institutions, organized retail, and e-commerce businesses is Radiant Cash Management Services Limited.
Written By:- Abhishek Singh
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