Satin Creditcare completes First Call on Rs120cr Rights Issue

Satin Creditcare Network on Friday announced the completion of the conversion of shares from Rs2.50 paid upper share to Rs7.50 paid upper share, against face value of Rs10 per share in First Call Money of its partly paid Rights Issue.

Satin Creditcare has completed a Rights Issue of about 2 crores partly paid equity shares amounting to Rs120cr 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,” Satin Creditcare said.

As per the regulatory filing, the Rights Issue 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.

Further, 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.

On Sensex, Satin Creditcare closed at Rs84 per piece down by 1.06%. 

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( With inputs from indiainfoline)