Satin Creditcare completes first call on rights issue

Micro-finance major Satin Creditcare Network Ltd said on Friday it has successfully completed the conversion of shares from Rs 2.50 paid up per share to Rs 7.50 paid up per share against face value of Rs 10 per share in first call money of its partly paid rights issue.

The company completed a rights issue of about two crore partly paid equity shares amounting to Rs 120 crore in August last year. The issue was a success and oversubscribed at 123 per cent despite the challenging business environment due to pandemic induced lockdown.

The company had ascribed equity issue as confidence capital while giving all of its shareholders an equal opportunity to take part in the equityfunding. Issue price was Rs 60 per share (including a premium of Rs 50 per share) and the company had received Rs 15 per share as share application money.

Later the company made a first call of Rs 30 per share during March. The promoters and institutional investors have made their complete payments against the same, aggregating to 99 per cent of the call money already paid.

Following the first call, Satin has infused Rs 90 crore equity capital during FY21.

Satin Creditcare Network has presence in 23 states and union territories with 84,000 villages. The company's mission is to be a leading micro-financial institution by providing a comprehensive range of products and services for the financially under-served community.

It also aims to lead in gender empowerment by leveraging on technology and innovation that forge sustainable strategic partnerships.

( With inputs from ANI )

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