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Satin Creditcare to raise Rs 205 crore via securities

It will get Rs 160 crore from investors and promoters while Rs 45 crore will come through issuance of debt securities to IndusInd Bank.

Published: 27th November 2017 08:21 PM  |   Last Updated: 27th November 2017 08:21 PM   |  A+A-

A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. (Photo | Reuters)

For representational purposes (File | Reuters)

By PTI

NEW DELHI: Non-banking finance company Satin Creditcare Network (SCNL) will raise up to Rs 205 crore through a mix of equity and debt.

"Approved by the board, this preferential allotment is a combination of equity and debt instruments to augment the capital base and support business growth," SCNL said in a statement.

It will get Rs 160 crore from investors and promoters while Rs 45 crore will come through issuance of debt securities to IndusInd Bank.

Of the equity investment, Rs 80 crore will come from Kora Investments and Rs 20 crore from Nordik Microfinance Initiative, an existing investor in the company.

Promoter and promoter group will infuse Rs 60 crore by subscribing to fully convertible warrants to be converted into equity within 18 months from the date of allotment.

Earlier in October, the company had raised Rs 150 crore in a qualified institutions placement (QIP).

"The fund raising will help elevate company's capital base and support future growth plans...With our new business arrangement with IndusInd Bank, we have been able to secure funding lines for growth of our microfinance portfolio," said H P Singh, Chairman and Managing Director, Satin Creditcare.

SCNL said it has also entered into a tie-up with IndusInd Bank under which it will act as a business correspondent agent to the bank for microfinance business.

 

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