Penny stock under Re 1: NBFC to foray into alternate investment fund biz with ₹50 crore initial investment | Stock Market News
Penny stock under Re 1: Standard Capital Markets Limited announced on Saturday, March 8, that it conducted its board meeting where the members decided that the non-banking financial company (NBFC) will foray into alternate investment fund (AIF) business with an initial investment of ₹50 crore.
The Company to sponsor Alternative Investment Fund (AIF) – Category III in the name of “Standard Global Opportunities Fund” or any other name as approved by the regulator and in this regard:
Approved the proposal to act as a Sponsor & settler to the proposed Category III – Alternative Investment Fund and commiƩed the initial contribution of up to Rs. 50.00 crore, subject to approval of SEBI.
The Company to manage assets and investment of an AlternaƟve Investment Fund (AIF) as approved by the regulator and in this regard:
Approved the proposal that Wholly-owned Subsidiary (WOS) of the Company “Standard Capital Advisors Limited” to act as the Investment Manager to the said Alternate Investment Fund and to manage the Assets and Investment of Alternate Investment Fund.
