Florintree Ventures LLP converts balance warrants of Satin Creditcare Network Ltd

Satin Creditcare Network Limited (SCNL), one of the leading microfinance institutions in India, completes the entire allocation of ~Rs. 100 crores against the convertible warrants from Florintree Ventures LLP (entity belonging to Non‐Promoter Group). The Company received the final tranche of ~Rs. 50 crores, against conversion of 82,05,128 Fully Convertible Warrants from Florintree Ventures LLP (entity belonging to Non‐Promoter Group) on 21st July 2023.

The investment will help SCNL with its intended growth, the expansion of its clientele, and its initiatives to broaden financial inclusion through its operations in 24 states & UTs. 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 and another tranche of ~25 crores in January 2023. After the third and final tranche, the total investment by Florintree stands at Rs. ~100 crores. Florintree Ventures LLP, a growth‐stage private equity firm that invests in technology‐backed firms, is led by former Blackstone India Head, Mathew Cyriac.

With this tranche, SCNL completes its Preferential allotment of ~Rs 225 crores which was initiated in January 2022.

Commenting on the investment, Mr. HP Singh, Chairman cum Managing Director of Satin Creditcare Network Limited, said, "On the successful completion of the investment, we are delighted to have had the support of a marquee investor, Florintree Venture LLP, whose backing has created a strong foundation to support our inclusive growth journey moving forward and repose faith in our company. The Investmentserves as an evidence of our potential to deliver profitable growth overthe long term."

Shares of Satin Creditcare Network Limited was last trading in BSE at Rs. 196.85 as compared to the previous close of Rs. 187.95. The total number of shares traded during the day was 119348 in over 1939 trades.

The stock hit an intraday high of Rs. 198.00 and intraday low of 190.70. The net turnover during the day was Rs. 23367888.00.

Source : Equity Bulls

Keywords

SatinCreditcareNetwork INE836B01017 FlorintreeVenturesLLP WarrantsConversion Investment