Shares of this NBFC stock under the ‘small-cap’ category jumped around 4 percent in Friday’s trading session after the company’s Board set a Floor Price for Qualified Institutional Placement (QIP) worth ₹45.65 crores.
With a market capitalization of Rs 2,572.56 crores, the stocks of Satin Creditcare Network Limited closed at Rs 258.20 on Friday, gaining approximately 4 percent compared to the previous closing levels of Rs 248.45 apiece.
Such stock price movements in the company’s stock price are observed after the company’s Board provided some updates on the QIP approved earlier in the month of November 2023.
The Board of Directors of Satin Creditcare Network Limited, in a meeting held on 30th November 2023, considered and approved the terms and conditions of fundraising by way of the issue of 45,650 Non-Convertible Debentures (NCDs) having a face value of Rs 10,000 each thereby having an aggregate Face Value of Rs 45.65 crores.
Following the same, the company declared the opening of the issue on the 14th of December 2023 and approved Rs 242.81 per equity share as the Floor Price for the issue.
In addition, the company’s Board is set to meet on December 19th, 2023 to consider and approve the issue price of the equity shares (including a discount on the floor price) in accordance with the SEBI regulations
Coming onto the financials, the company, during the recent financial quarters, successfully reported an increase in its basic business indicators such as operating revenues and net profits.
The former rose from Rs 462.34 crores during Q1FY23-24 to Rs 537.61 crores during Q2FY23-24, and, the latter, during the same time horizon, moved from Rs 87.87 crores to Rs 106.78 crores.
As per the recent presentations of the company, there has been a YoY growth of around 20 percent in the active customers with the most recent number being 32.1 lakhs. Moreover, the company’s Assets Under Management (AUM) crossed the milestone of Rs 10,000 crores.
Satin Creditcare Network Limited is an India-based micro-finance company with core services including non-banking financial services. The company also offers loans to individual businesses, product loans, etc for the development of water connections and sanitation facilities.
Written by Amit Madnani
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