Florintree Ventures LLP puts second tranche of ~Rs. 25 Crores in Satin Creditcare Network Ltd

Satin Creditcare Network Limited, one of the leading microfinance institutions in India, received the second tranche of ~Rs. 25 Crores, against conversion of 41,02,564 Fully Convertible Warrants from Florintree Ventures LLP (entity belonging to Non-Promoter Group).

The investment will support SCNL in its planned expansion, portfolio growth and its efforts in increasing financial inclusion through its operations in 23 states. Florintree had committed Rs. 100 Crores in the form of 1,23,07,692 Fully Convertible Warrants through preferential allotment in January 2022. At the time of issuance of Fully Convertible Warrants, Florintree put Rs. 25 Crores. After the second tranche, the total investment by Florintree stands at ~Rs. 50 Crores, with the balance amount to be paid by July 2023.

Florintree Ventures LLP, is a growth-stage private equity firm that invests in technology-backed firms, is led by former Blackstone India Head Mathew Cyriac.

Commenting on the investment, Mr. HP Singh, Chairman cum Managing Director of Satin Creditcare Network Limited, said, "We are delighted that Florintree Ventures LLP continues to support us in realizing the true potential of our company. We are very humbled by the opportunity, as this investment sends a very positive signal and comfort to all stakeholders. With this growth capital, we are well poised to have a comfortable capital position. We are out of the pandemic woes and on a strong footing and treading the growth path.

Shares of Satin Creditcare Network Limited was last trading in BSE at Rs. 156.90 as compared to the previous close of Rs. 155.05. The total number of shares traded during the day was 17933 in over 662 trades.

The stock hit an intraday high of Rs. 159.10 and intraday low of 155.20. The net turnover during the day was Rs. 2827210.00.

Source : Equity Bulls

Keywords

SatinCreditcareNetwork INE836B01017 FlorintreeVenturesLLP Investment WarrantsConversion