Satin Creditcare raises Rs150 crore via QIP
Mumbai: Satin Creditcare Network Ltd, a Delhi-based microfinance lender, on Monday said it has raised Rs150 crore by way of a qualified institutional placement (QIP), which opened for subscription on 4 October and closed on 7 October.
Satin Creditcare sold 4.92 million shares to qualified institutional buyers (QIBs) at a price of Rs305 per share, after giving a discount of 1.15% to the floor price of Rs308.56 per equity share.
A QIP is a sale of securities to institutional investors by a listed company.
According to H.P. Singh, chairman of SCNL, the firm plans to grow microfinance book especially in new areas of operations, and also diversify the book by providing financing to micro, small and medium enterprises and to the affordable housing segment.
The company recently tied up with Capital First, under which it will sell First financial products, helping to boost fee income.
Satin had gross asset under management of Rs4,220 core at the end of June quarter and 794 branches across 17 states and union territories with more than 2.6 million borrowers.