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Satin Creditcare Network announces closure of QIP issue

Capital Market 

On 07 October 2017; Issue price for QIP issue is Rs 305

Satin Creditcare Network announced that the in respect of the Qualified Institutions Placement, the Working Committee of the Board has, at its meeting on 07 October 2017, inter alia, passed the following resolutions:

i. declaring the closure of the Qualified Institutions Placement on 07 October 2017;

ii. determining and approving the issue price of Equity Shares to be allotted to eligible QIBs at Rs 305 per Equity Share, including a premium of Rs 295 per Equity Share. In accordance with Regulation 85(1) of the SEBI Regulations and pursuant to resolution passed by the shareholders of the Company on 06 July 2017, the Company offered a discount of 1.15 % on the floor price of Rs 308.56 per Equity Share, calculated in accordance with the SEBI Regulations, and pursuant to applicable provisions of the Companies Act, 2013; and

iii. approving and adopting the placement document dated 07 October 2017 in connection with the QIP.

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

First Published: Sat, October 07 2017. 15:11 IST