Tue Sep 17 05:49:56 UTC 2024: ## Geojit Financial Services Stock Drops After Rights Issue Announcement
**MUMBAI, INDIA – September 17, 2024** – Shares of Geojit Financial Services fell by 6.42% to ₹158.23 on Monday morning following the company’s announcement of an upcoming Rights Issue Committee meeting.
The meeting, scheduled for September 19, 2024, will focus on finalizing the terms and conditions of the proposed rights issue, including the issue price and the number of shares each shareholder is entitled to.
The rights issue, approved by the company’s Board of Directors in July, aims to raise up to ₹200 crore. This move comes after the company reported strong first-quarter earnings for the fiscal year 2024-25, with a 107% year-on-year increase in consolidated net profit to ₹45.81 crore and a 56% rise in revenue to ₹181.18 crore.
Geojit also announced the appointment of CJ George as Chairman and Managing Director in July, replacing Ramananthan Bupathy, who retired. As of June 30, 2024, the company reported Assets Under Custody and Management of ₹1,03,350 crore and over 14.12 lakh clients.
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