Paisalo Digital, which had closed on Thursday at Rs.521.30, opened with a gap at Rs.527.30 and went on to hit a new high at Rs.625.55. Volumes are up 2.5 times.

The stock hit a new high after SBI Life Insurance Company acquired 9% stake in the finance company via open market.

SBI Life purchased 3.8 million equity shares or 8.99% in Paisalo at an average price of Rs.490/share on the NSE, placing the deal value at Rs.186 crore.

Paisalo is an RBI registered NBFC, with main business being extending business loans to SME/corporates and income generation loans to individuals. Its current assets under management (AUM) stands at Rs 2,300 crore and PAT stands at Rs.54 crore for FY20.