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Satin Creditcare spurts after investment from Kora

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rose 11.11% to Rs 481.60 at 15:19 on after a global emerging markets investment firm invested Rs 80 crore in the company.

The announcement was made during trading hours today, 8 January 2018.

Meanwhile, the Sensex was up 212.01 points, or 0.62% to 34,365.86.

On the BSE, 77,000 shares were traded in the counter so far, compared with average daily volumes of 1.55 lakh shares in the past two weeks. The stock had hit a high of Rs 511.60 so far during the day, which is also a 52-week high for the counter. The stock had hit a low of Rs 429.95 so far during the day. The stock hit a 52-week low of Rs 243.55 on 12 June 2017.

(Kora), a global emerging markets investment firm, has made an equity investment of Rs 80 crore ($12.50 million) in (SCNL) to support the company's growth and digital initiatives as a provider to rural and semi-urban

The investment by Kora is part of the recently concluded capital raise of Rs 205 crore ($31.50 million) via a preferential allotment. With this transaction, Daniel Jacobs, at Kora, will be joining SCNL's board of directors. The preferential allotment, approved by SCNL's board of directors on 24 November 2017 and by the shareholders on 22 December 2017, also saw participation from the promoters, and (an existing investor in Satin).

has a large population with little or no access to organized credit, especially in the rural areas. Satin, through its network of about 800+ branches provides financial services, primarily to women in these areas. In the next phase of growth, a strong capital position and technological innovation will enable the company to gain more scale and efficiently extend financial inclusion across the country, said in a statement.

On a consolidated basis, Satin Creditcare Network's net profit fell 57.3% to Rs 11.27 crore on 19.3% growth in total income to Rs 253.73 crore in Q2 September 2017 over Q2 September 2016.

(SCNL) is one of the largest microfinance institutions (MFIs) in the country.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 08 2018. 15:14 IST
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