Satin Creditcare Network Limited (SCNL), witnessed a surge in its share price by 3.45 per cent today. The microfinance institution’s surge came in response to the company’s recent announcement of receiving the final tranche of ₹50 crores from Florintree Ventures LLP.
In January 2022, SCNL initiated a preferential allotment offering to Florintree Ventures LLP, an esteemed growth-stage private equity firm. As part of the agreement, Florintree Ventures committed to investing ₹100 crores through the issuance of 1,23,07,692 Fully Convertible Warrants.
The infusion of funds comes as a significant boost for SCNL, empowering the institution to fuel its intended growth, expand its client base, and continue its mission to promote financial inclusion across 24 States and Union Territories in India.
SCNL’s shares went up by 3.45 per cent to ₹203 at 09:48 a.m. on BSE.