Wisteria Holdings increases shareholding in Satin Creditcare Network

Our Bureau Mumbai | Updated on September 26, 2020

Wisteria Holdings & Investments Pvt Ltd (acquirer) and persons acting in concert (PAC) with it have marginally upped their shareholding in Satin Creditcare Network Ltd (SCNL) from 38.01 per cent to 38.03 per cent.

The acquirer, who belongs to the promoter/ promoter group, and PAC acquired 15,000 equity shares of SCNL of ₹10 each (fully paid-up) from the open market on September 24, 2020, as per SCNL's regulatory filing.

According to the filing, PAC include Neeti Singh, Satvinder Singh, Harbans Singh, HP Singh, Anureet HP Singh and Trishashna Holdings & Investments Pvt Ltd.

SCNL was registered as a NBFC (non-banking finance company) with the Reserve Bank of India (RBI) in 1998. It converted into an NBFC-MFI (micro-finance institution) in November 2013.

The company's business is primarily based on the Joint Liability Group model, which allows it to provide collateral-free, micro-credit facilities to economically active women in both rural and semi-urban areas.

It also offers loans to individual businesses and Micro, Small & Medium Enterprises (MSMEs), product financing for the purchase of solar lamps, as well as loans for the development of water connections and sanitation facilities.

Published on September 26, 2020

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