CreditAccess Grameen shares gain on board nod to raise up to Rs 1,000 crore

The issue will open on August 24, 2023 and closes on September 6, 2023.

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Shares of CreditAccess Grameen traded marginally higher in the opening hours on August 21 after the company decided to raise funds up to Rs 1,000 crore.

At 9:27am, the CreditAccess Grameen stock was quoting Rs 1,371.90, up Rs 2.85, or 0.21 percent, on the BSE.

“The executive, borrowings and investment committee of the board of directors of the company on August 18 approved the public issue of secured rated, listed, redeemable non-convertible debentures (NCDs) of a face value of Rs 1,000 each for an amount of Rs 400 crore (base issue size) with a greenshoe option of up to Rs 600 crore, amounting to Rs 1,000 crore which is within the shelf limit of Rs 1,500 crore,” the company said in an exchange filing.

The issue will open on August 24 and close on September 6.

The company had raised Rs 500 crore in November 2022 through the first tranche. The said securities are proposed to be listed on the National Stock Exchange of India Limited (NSE) and BSE Limited.

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The company had reported a 151.5 percent jump in its net income to Rs 348 crore for the quarter ended June 2023. Its overall loan book grew 39.7 percent to Rs 21,814 crore, total income increased 53.9 percent to Rs 1,170.7 crore, and key net interest income surged 65.4 percent to Rs 763.3 crore.

Broking house Geojit in its August 14 report, upgraded the stock rating to ‘accumulate’ with an upwardly revised target price of Rs 1,615.

The company exhibited a strong improvement in disbursement and collection efficiency during the quarter. Though the company has been conservative by maintaining their growth guidance, looking at the current business momentum, the broking house expects the company to grow above its guidance, Geojit said.

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