Reserve Bank of India (RBI) has granted a Non-banking Finance Company (NBFC) License to APM Industries' wholly owned subsidiary APM Finvest.

Earlier, the board of directors of the company had decided to enter into the business of finance, lending and investment business through a wholly owned subsidiary and hence the company incorporated APM Finvest and applied for the NBFC License.

APM Industries is engaged in the manufacturing of synthetic blended yarn. The company offers manmade fiber spun yarn.

Shares of the company gained Rs 5.7, or 9.04%, to trade at Rs 68.75. The total volume of shares traded was 369,114 at the BSE (3.42 p.m., Tuesday).