Satin Creditcare Network (SCNL) has raised Rs 25 crore by issuing Non-Convertible, Redeemable, Cumulative, preference Shares (NCRCPS) to Karvy Capital. IFMR Capital executed the private placement of the CARE BBB rated Preference shares at coupon of 12.10% p.a and redeemable after approximately 5 years. The proceeds from the issuance will be used for company's growth and working capital requirement.
The company has been raising funds through various instruments, such as Term Loans, Sub-debt (Tier 2 Capital), NCD, Preference shares, ECB, Commercial Paper, and Securitization/assignment, etc, in keeping with its strategy to diversify its resource profile. During FY17, the company plans to raise a total of Rs 5,000 crore, including both debt and equity.
Satin Creditcare Network was formed as a Non-Banking Finance Company (NBFC) has expanded and evolved into one of the leading microfinance institutions in India with its current geography in North as well as Central India.
