Satin Creditcare jumps 5.5% on board’s nod to Rs 3,000-crore QIP

The company did not specify the date or the floor price of the proposed fundraise. The management also did not say how it plans to use the proceeds

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Shares of Satin Creditcare Network surged 5.5 percent on October 19 after the company’s board approved a fund-raise through the Qualified Institutional Placement (QIP) route.

The board gave the go-ahead to raise up to Rs 3,000 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, the company said.

At 2.21 pm, Satin Creditcare was trading 2.45 percent higher at Rs 236.50 on the National Stock Exchange.

Volumes were also high, as seven lakh shares had changed hands on the exchanges by the afternoon against the one-month daily traded average of four lakh.

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The company, however, did not specify the date or the flfloor price of the proposed fundraise. The management also did not disclose how it aims to use the proceeds.

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

Satin Creditcare is a microfinance lender with a presence in 24 state and union territories across 95,000 villages.

Shares of the microfinance lender have surged more than 50 percent this year but have come under pressure over the past month, slipping over a percent.

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