Satin Creditcare trades lower on Karnataka Bank deal, board to consider fund-raising

The board meeting of board of directors of Satin Creditcare Network to be held on January 8, 2024 to consider fund raising.

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Shares of Satin Creditcare and Karnataka Bank traded lower early on January 8 after the companies entered into a co-lending arrangement.

At 9:41am, Karnataka Bank was quoting at Rs 234.85, down Rs 2.55, or 1.07 percent, and Satin Creditcare Network was quoting at Rs 269.40, down Rs 0.35, or 0.13 percent, on the BSE.

On January 5, Karnataka Bank and Satin Creditcare Network entered into a co-lending arrangement to provide financial support to Joint Liability Groups (JLG) of economically active women in both rural and semi-urban areas and to give impetus to the micro credit facilities segment of the country.

To improve the flow of credit to unserved and underserved segments, the arrangement will leverage Karnataka Bank’s low cost of funds and end-to-end digital capabilities of bank and Satin through Yubi platform for co-lending, to help the sourcing, servicing and recovery of small-ticket income generation priority sector loans.

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The board meeting of board of directors of Satin Creditcare Network to be held on January 8, 2024 to consider fund-raising.

In December, Satin Creditcare Network had entered into a master agreement for co-lending of loans to microfinance borrowers by way of co-lending module in tranches with Karnataka Bank.

In October, Satin Creditcare board gave the go-ahead to raise up to Rs 300 crore in one or more tranches and/or one or more issuances, simultaneously or otherwise, including by way of private placement(s), qualified institutions placement(s) and/or any combination thereof or any other method as may be permitted.

In July, the company’s board had approved another fund-raise plan worth Rs 5,000 crore through non-convertible debentures (NCDs).