Satin Creditcare Network Limited Completes First Call on Rights Issue

Satin Creditcare Network Limited (SCNL) (NSE: SATIN, BSE: 539404), one of the leading microfinance institutions in the country, 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. 10.00 per share in First Call Money of its partly paid Rights Issue. The Company completed a Rights Issue of about 2 crores partly paid equity shares amounting to Rs. 120 crores in August 2020. The issue was a success and oversubscribed at 123%, despite the challenging business environment due to pandemic induced lockdown. The Company had ascribed the equity issue as 'Confidence Capital' while giving all of its shareholders an equal opportunity to take part in the equity funding.

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. Subsequently, the Company made a First Call of Rs. 30 per share during March 2021. The Promoters and Institutional investors have made their complete payments against the same, aggregating to ~99% of the call money already paid. Following the First Call, Satin has infused ~Rs. 90 crore equity capital during FY21.

Shares of Satin Creditcare Network Ltd was last trading in BSE at Rs.84 as compared to the previous close of Rs. 84.9. The total number of shares traded during the day was 59076 in over 471 trades.

The stock hit an intraday high of Rs. 86.15 and intraday low of 82.1. The net turnover during the day was Rs. 4988684.

Source : Equity Bulls

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