Satin receives a senior loan facility of USD 5 million from OeEB, Austria

Satin Creditcare Network Limited (SCNL) (NSE: SATIN, BSE: 539404), one of the leading microfinance institutions in the country, received a senior loan facility of USD 5 million from Oesterreichische Entwicklungsbank - OeEB, Austria through External Commercial Borrowing channel.

Earlier in November 2019, Satin also signed a USD 15 million bilateral credit facility agreement with OeEB to finance income-generating and income-increasing activities of female small-scale and subsistence entrepreneurs in India.

Mr. HP Singh, Chairman and Managing Director, Satin Creditcare Network Ltd, says, "We are proud to be associated with OeEB Oesterreichische Entwicklungsbank which provides a stimulus for sustainable economic growth and combines commercial financing with the principles of development cooperation as we wish to provide financial assistance to financially excluded community and make Micro-finance inclusive and purpose-driven. The credit support shall solidify the financial structure of the company and enable it to bestow its clients with provisions to navigate the pandemic landscape."

Oesterreichische Entwicklungsbank - OeEB, is a wholly-owned subsidiary of Oesterreichische Kontrollbank (OeKB), Austria. As a private stock company with a public mandate, it provides financing to companies in developing countries and emerging markets and strengthens the developmental effects with collateral measures. OeEB creates better living conditions through a vibrant economy.

Shares of Satin Creditcare Network Ltd was last trading in BSE at Rs.85.55 as compared to the previous close of Rs. 86.1. The total number of shares traded during the day was 13333 in over 426 trades.

The stock hit an intraday high of Rs. 89.05 and intraday low of 85. The net turnover during the day was Rs. 1156235.

Source : Equity Bulls

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