Shares of Fino Payments Bank rose 13% to Rs 262.70 in intraday trade on NSE on heavy volume on Thursday. The fintech company’s shares have risen 36% over the past two sessions.

On Wednesday, November 23, Capri Global Holdings Private Limited purchased 1.32 million shares, or 1.59% of the company’s total share capital, through open market transactions. Capri Global bought the shares at Rs 228.77 each through NSE block trades, exchange data showed. The seller’s name was not disclosed.

Fino Payments Bank was trading 10% higher at Rs 253.80 at 10:23 am, while the Nifty50 was up 0.53%. 4.73 million shares changed hands over the counter on the NSE and BSE.

Fino Payments Bank debuted on the stock market on November 12, 2021. The stock is trading at a 54% discount to its IPO price of Rs 577 per share, despite a sharp rise in the share price over the past two days. The stock hit an all-time low of Rs 182.55 on November 17, 2022.

Fino Payments Bank is a wholly-owned subsidiary of FINO PayTech, dedicated to providing inclusive finance-related solutions and services based on commercial and banking technology platforms.

Fino Payments Bank is backed by major investors such as Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC. Frugal innovation is the key to keeping fintech in the middle of the pyramid, mainly consisting of emerging Indian customers.

Operating under an asset-light business model, the Mumbai-based bank primarily relies on fee and commission income generated from its merchant network and strategic business relationships. The bank’s platform has facilitated over 670 million transactions with a combined transaction value of over Rs 1.87 trillion crores in the financial year 2021-22.

Capri Global Capital is engaged in lending to micro, small and medium enterprises (MSMEs), long-term financing of residential construction in India, retail lending in India and provision of ancillary services related to the above.