Satin Creditcare Network Ltd announces closing of QIP

In respect of the Qualified Institutions Placement, the Working Committee of the Board of Satin Creditcare Network Ltd has, at its meeting held on September 29, 2016, decided to close the issue of shares by way of Qualified Institutions Placement on September 29, 2016.

Pursuant to the resolution dated September 29, 2016 passed by the Working Committee, the issue price of the Equity Shares to be allotted to eligible QIBs is fixed at Rs. 551.88 per Equity Share, including a premium of Rs. 541.88 per Equity Share. In accordance with Regulation 85(1) of the SEBI ICDR Regulations and the resolution passed by the shareholders on July 30, 2016, the Company has offered a discount of 5% on the floor price of Rs. 580.92 per Equity Share calculated in accordance with SEBI ICDR Regulations, and pursuant to applicable provisions of Companies Act, 2013.

The Qualified Institutions Placement was opened on September 26, 2016.

Source : Equity Bulls

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