Satin Creditcare Network has raised ₹150 crore through qualified institutions placement.
In a disclosure to the exchanges, the company said it allotted up to 49.18 lakh shares to qualified institutional buyers at ₹305 a share. The allotment price was at a discount of 1.15 per cent to the floor price, which the company had fixed at ₹308.56. The QIP issue was opened between October 4 and 7.
The company had earlier received approvals from its board and shareholders on May 26 and July 6, respectively. HP Singh, Chairman-cum-Managing Director, Satin Creditcare, said: “The QIP saw good participation from both existing and new investors. We are even more encouraged by the faith our investors and stakeholders continue to have in us.
“We plan to grow our microfinance book especially in our new areas of operations, and also diversify our book by providing financing to MSMEs and to the affordable housing segment.”
The company’s business is primarily based on the joint liability group model for providing collateral free, micro credit facilities to economically active poor women in both rural and semi-urban areas.
On Monday, the shares of Satin Creditcare closed at ₹312.2, down 0.78 per cent, on the BSE.