Multi-lateral funding agency Asian Development Bank has infused Rs 64.3 crore in micro lender Satin Creditcare Network Ltd (SCNL), equivalent to 3.95 per cent stake in the company.
Multi-lateral funding agency Asian Development Bank has infused Rs 64.3 crore in micro lender Satin Creditcare Network Ltd (SCNL), equivalent to 3.95 per cent stake in the company.
Additionally, promoter group firm Trishashna Holdings & Investments Private (THIPL) has put in Rs 7.5 crore, bringing overall holding to 31.74 per cent in the company.
"The proceeds of Rs 71.8 crore from this transaction will strengthen SCNL's equity capital. The additional financial resources will allow us to pursue development objectives while maintaining a solid financial structure," a company statement said.
SCNL has allotted 1,543,187 shares to the Manila-based ADB at a price of Rs 416.67 on a preferential basis while 6,58,690 fully convertible warrants have been allotted to THIPL at Rs 455.45.
Upon conversion of these warrants into equity, Satin Creditcare will get an additional Rs 22.50 crore from THIPL.
"We look forward to working closely with the ADB towards our common development agenda. Having successfully navigated the demonetisation phase, we are now gearing up for growth and providing more value-added services to our large and expanding customer base," SCNL Chairman and MD H P Singh said in a statement.
ADB's Christine Engstrom, director of Financial Institutions Division, said SCNL has an excellent trackrecord of providing the much-needed access to finance, primarily to lower income women, with a large portion of its lending in less developed states of India.
Satin Creditcare has presence in northern and central India and provides doorstep financial services to both urban and rural poor, specifically those who lack access to funds from any other financial institution.
The stock today closed 0.22 per cent higher at Rs 366.40 on BSE.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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