Satin Creditcare shares rise 2% as microfinance lender raises Rs 250 crore from marquee investors

Satin Creditcare Network shares jumped 2 percent on December 21 as the company successfully raised funds through the Qualified Institutional Placement (QIP) route. The stock surged 5 percent in the previous session to hit a 52-week high of Rs 276.85 apiece, before slipping in trade to close at Rs 248.80.

According to an exchange filing, the company board approved the allotment of 1,08,36,584 equity shares at an issue price of Rs 230.70 to seven institutional investors.

Satin Creditcare Network Ltd allotted equity shares to seven institutional investors, including ICICI Prudential Life Insurance Company Ltd, Societe Generale, and Bandhan Mutual Fund, among others, to raise around Rs 250 crore. The issue price was at a discount of 4.99 percent or Rs 12.11 per share to the floor price of Rs 242.81 per share.

At 9:35 am, Satin Creditcare shares were trading 2.14 percent higher at Rs 254.15 on the National Stock Exchange (NSE). So far this year, the stock has risen 55 percent, outperforming benchamark Nifty which has rallied 15 percent during the period.

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ICICI Prudential Life Insurance Company Ltd cornered the highest 20 percent of the QIP issue as it received 21.6 lakh shares for Rs 50 crore. Societe Generale – ODI received 17.7 lakh equity shares or 16.40 percent of the issue for around Rs 41 crore. Bandhan Mutual Fund was allotted 17.33 lakh equity shares or 16 percent for around Rs 40 crore.

Among the others, Morgan Stanley Asia (Singapore) Pte – Odi was allotted 15.17 lakh shares or 14 percent of the issue, and Bajaj Allianz Life Insurance Company Ltd received 13 lakh shares amounting to 12 percent of the issue.

Bandhan Small Cap Fund was allotted 10.83 lakh equity shares (10 percent). Bandhan Multi Cap Fund was allotted 3.25 lakh shares, Bandhan Financial Services Fund (3.25 lakh shares), Ananta Capital Ventures Fund (8.66 lakh shares) and Ghisallo Master Fund Lp (6.50 lakh shares).

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After the QIP issue allotment, the share capital of Satin Creditcare Network increased to Rs 110.47 crore consisting of 11.04 crore equity shares of face value of Rs 10 each.

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