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Satin Creditcare Network (SCNL) soared 18% to 512, its fresh 52-week high on BSE in noon deal trade, after the company said Kora Management LP (Kora) – a global emerging markets investment firm – has made an equity investment of Rs 800 million in SCNL to support the company’s growth and digital initiatives as a financial services provider to rural and semi-rural India. The investment by Kora is part of the recently concluded capital raise of Rs two billion via a preferential allotment. With this transaction, Daniel Jacobs, co-founder and senior partner at Kora, will be joining SCNL’s board of directors, it added. SCNL is one of the largest microfinance institutions in the country with a consolidated gross lending portfolio of Rs 45 billion as on September 30, 2017. SCNL has emerged stronger after demonetization, driven by management’s execution and resilience.
Infusing capital today will allow the company to capture significant opportunities in the coming years, said Nitin Saigal, Chief Investment Officer at Kora. At 12:59 PM; the stock was trading 10% higher at Rs 478 on BSE, as compared to 0.59% rise in S&P BSE Sensex. A combined 455,075 shares changed hands on the counter on BSE and NSE.