Satin Creditcare gets nod to hike foreign shareholding to 49pc

Microfinance lender Satin Creditcare Network today said its board has given approval to raise foreign shareholding to 49 per cent from the current 24 per cent.
Besides, the board has granted approval to raise Rs 250 crore through qualified institutions placement.
"The board of directors in their meeting held on June 30, has considered and approved to increase in limit of investment by foreign portfolio investors in the equity shares of the company from 24 per cent to 49 per cent of the paid-up equity share capital of the company," the company said in a regulatory filing.
Other instruments to raise the fund include GDRs/ADRs, foreign currency convertible bonds, fully and partly and non-convertible bonds or other financial instruments convertible into or exchangeable for equity shares.

The board has also given nod to acquire Taraashna Service (TSPL) as a wholly-owned subsidiary of the company by purchase of entire shareholding of TSPL from its existing shareholders, it said.
Besides, it will also voluntarily delist its shares from the Calcutta Stock Exchange, it added.

Delhi-based Satin Creditcare provides loans to both urban poor and rural poor to meet their productive requirements in starting new business or growing existing business.
The company has presence in Bihar, Chandigarh, Delhi, Haryana, Jammu, Maharashtra, Madhya Pradesh, Punjab, Uttar Pradesh, Rajasthan, Uttrakhand, Himachal Pradesh, Gujarat and West Bengal.
Satin Creditcare shares today closed 2.22 per cent down at Rs 502.85 on BSE.