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New Delhi
Satin Creditcare Network Ltd (Satin Creditcare) has raised ₹332 crore from sovereign Dutch Entrepreneurial Development Bank FMO. The funds have been mobilised by the company through issuance of non convertible debentures (NCDs).
The microfinance lender has allotted 33,200 NCDs of face value of ₹1,00,000 each aggregating to ₹332 crore, according to a filing with the stock exchanges.
“We are pleased to announce the latest development in our longstanding relationship with FMO, a sovereign Dutch Entrepreneurial Development Bank: the successful raising of ₹332 crore. We deeply value FMO’s unwavering confidence and support in this transaction,” HP Singh, CMD, Satin Creditcare, said.
“Our enduring partnership has consistently yielded impactful results in our shared goal of empowering women-led enterprises and stimulating economic growth in underserved communities”.
Also read: Adani Energy Solutions to raise ₹12,500 crore via QIP
The NCDs have a tenure of five years and the monies raised will be used by the company for its operations —income generating loans.
“With our presence now established in 26 States, our focus remains on deepening our impact within the existing geographies where this investment will play a pivotal role,” Singh said.
For the year ended March 31, 2024, Satin Creditcare reported a net profit of ₹436 crore compared with net profit of ₹5 crore in the previous year. Net interest income grew 43 per cent in 2023-24 to ₹1,340 crore ( ₹934 crore).
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