Satin Credit raises Rs 250 crore through QIP

Satin Creditcare Network (SCNL) has raised Rs 250 crore from qualified institutional players.
The QIP issue which opened on September 26, 2016, and closed on September 29, 2016, received robust subscription, the company said in a statement.
"Corresponding to Rs 250 crore of capital raise, SCNL issued 4,529,970 equity shares to qualified institutional buyers (QIBs) at an issue price of Rs 551.88 per equity share (including premium of Rs 541.88 per share), after giving a discount of up to 5 per cent to the floor price of Rs 580.92 per equity share," the company said.
The company completed the allotment on October 3 and the new shares have started trading from October 5.

The company intends to use the net proceeds of the issue towards augmenting its capital base to meet its future capital requirements and for funding expenditure for general corporate purposes, SCNL said.
The company works on the joint liability group model for providing collateral free, micro credit facilities to women in both rural and semi-urban areas. It also offers loans to individual businesses, loans to MSMEs, product loans for financing purchase of solar lamps and loans for development of water connection and sanitation facilities.
Shares of SCNL closed marginally down at Rs 568.65 on BSE.