Satin Creditcare Network Ltd approves rights issue at Rs. 60

The Rights Issue Committee ("Committee") of Satin Creditcare Network Limited in its meeting held on July 30, 2020 has approved the following terms of Rights Issue:

Issue Price: Rs. 60/- per fully paid-up Equity Share of face value of Rs. 10/- each including a premium of Rs. 50/- per Equity Share

Total no. of Rights Equity shares to be issued: 1,99,82,667 Partly Paid-up Equity Shares of face value of Rs. 10/- each for amount aggregating to Rs. 119,89,60,020 /-

Rights Entitlement Ratio: 48:125 i.e., 48 Rights Equity Shares for every 125 existing fully paid shares held by Eligible Equity Shareholders as on the Record Date.

Payment Schedule:

On Application - Rs. 15.00 (Face Value - Rs. 2.50, Premium - Rs. 12.50)

Balance on One or more subsequent calls as may be determined by the Board/Committee of the Board, from time to time - Rs. 45.00 (Face Value - Rs. 7.50, Premium - Rs. 37.50).

Record Date: Wednesday, August 5, 2020 for the purpose of determining the shareholders eligible to apply for the equity shares in the Rights Issue

ISIN for rights entitlement: Given that the key terms of the Rights Issue have been finalized in today's meeting, the Company will proceed to apply for International Securities Identification Number (ISIN) for the purpose of credit of the rights entitlements and shall intimate the same in due course.

The Rights Issue Opening and Closing dates will be informed as and when the same is being decided by the Committee constituted in this regard.

Shares of Satin Creditcare Network Ltd was last trading in BSE at Rs.78.95 as compared to the previous close of Rs. 78.05. The total number of shares traded during the day was 17489 in over 116 trades.

The stock hit an intraday high of Rs. 80.9 and intraday low of 77.5. The net turnover during the day was Rs. 1394032.

Source : Equity Bulls

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