Centrum Capital, which had closed yesterday at Rs.39.95, opened today at Rs.46.80 and went up 19% to hit an intraday high at Rs.47.65, not too far from its 20% UC of the day at Rs.47.90. Its 52-week high is at Rs.58.50. Volumes are up almost 3 times.
The stock price soared on its announcement of having received a small finance bank (SFB) licence from the Reserve Bank of India. This has been granted to the consortium of Centrum Financial Services (Centrum) and Resilient Innovations Private Limited (BharatPe).
The newly formed SFB has been incorporated as “Unity Small Finance Bank”.
Centrum’s MSME and Micro Finance businesses shall be merged into Unity Small Finance Bank and the aim is to become India’s first digital bank.