In order to cash out a strong growth in the microfinance industry, Satin Creditcare Network (SCNL) is reportedly planning to raise Rs 200 crore through a qualified institutional placement (QIP). A QIP is a sale of securities to institutional investors by a listed company. The company has initiated talks with investment banks as fund-raising environment gets better for micro lenders.
Earlier on June 30, the company has received its board’s approval for raising equity capital of up to Rs 250 crore. The company’s gross loan portfolio increased by 53 percent year-over-year (Y-o-Y) to Rs 3,270 crore in FY16. In that fiscal, the company’s revenue grew 72 percent Y-o-Y to Rs.558.5 crore, while its profit increased 83 percent Y-o-Y to Rs.57.9 crore.
Satin Creditcare Network was formed as a Non-Banking Finance Company (NBFC) and has expanded and evolved into one of the leading microfinance institutions in India with its current geography in North as well as Central India.
| Company Name | CMP |
|---|---|
| Power Finance Corp | 448.30 |
| REC | 351.45 |
| Indian Railway Fin. | 103.10 |
| NHIT | 160.00 |
| Satin Creditcare | 214.80 |
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