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Findi (ASX:FND), a company building out ATMs in Indian cities, has issued a trading halt on Friday – but it’s not a capital raise.
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Findi has flagged an announcement to be made by Tuesday on the Reserve Bank of India’s (RBI) upcoming interchange rate changes. Judging by the language of the halt statement, Findi are likely to benefit.
“The trading halt is requested pending an announcement by the Company to the market in relation to the positive impact of the Reserve Bank Of India’s increase in interchange rates,” the company disclosed in line with ASX rules.
In other words: The fee for using an ATM in India is set to rise from Rs17 to Rs19.
There’s a “free five transactions” rule that exists in India’s cash withdrawal landscape and beyond that the maximum fee a bank can charge is being pushed up two pips, though whether it charges this is up to the bank’s discretion.
Findi, it appears, are bullish on meeting that maximum.
Reports in February from India’s National Payments Corporation of India (NPCI) ultimately foreshadowed this upcoming rule change.
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It’s more good news for Findi, a stock which has had a pretty good run since 2022 when shares were worth around 60c in January of that year.
Today they’re worth $4.56/sh, and notched over $7/ea last November.
FND last traded at $4.56.
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