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Satin Creditcare raises Rs 150 cr via QIP for biz expansion

Press Trust of India  |  New Delhi 

Non-company (NBFC) Satin Creditcare Network today said it has raised Rs 150 crore through a qualified institutional placement and the proceeds will be used to expand operations.

The qualified institutional placement (QIP) opened on October 4 and closed on October 7, successfully raising an amount up to Rs 150 crore, Satin Creditcare (SCNL) said in a statement.

It will issue 4,918,032 equity to qualified institutional buyers (QIBs) at the rate of Rs 305 per share.

SCNL said it will allot the on October 11.

"We plan to grow our micro-book especially in our new areas of operations, and also diversify our book by providing financing to MSMEs and to the affordable housing segment," said H P Singh, Chairman cum MD, SCNL.

Both the existing and new investors participated in the QIP, he said.

SCNL said it will use the proceeds from the QIP issue to augment its capital base to meet the needs and to meet general corporate purpose expenses.

The company is primarily engaged in providing collateral free, micro-credit facilities to economically active poor women in both rural and semi-urban areas.

It also offers loans to MSMEs (micro, small and medium enterprises), product loans for financing purchase of solar lamps and loans for development of water connection and sanitation facilities.

Stock of SCNL closed 0.11 per cent down at Rs 314.30 on BSE today.

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

First Published: Mon, October 09 2017. 18:32 IST