Geojit Financial Services’ stock fell 6.42 per cent to ₹158.23 as of 10.57 am on September 17, 2024, following the company’s announcement of an upcoming Rights Issue Committee meeting. The meeting, scheduled for September 19, 2024, will discuss the terms and conditions of a proposed rights issue, including the issue price and rights entitlement ratio.
The rights issue, approved by the Board of Directors on July 13, 2024, aims to raise up to ₹200 crore. This decision comes after the company reported strong Q1 FY 2024-25 results, with a 107 per cent year-on-year increase in consolidated net profit to ₹45.81 crore and a 56 per cent rise in revenue to ₹181.18 crore.
In July, Geojit also announced the appointment of CJ George as Chairman and Managing Director, effective July 15, 2024, following the retirement of Ramananthan Bupathy. As of June 30, 2024, the company reported Assets Under Custody and Management of ₹1,03,350 crore and over 14.12 lakh clients.