Satin Creditcare To Raise Rs 5,000 Crore Through NCDs

Satin Creditcare Network Ltd. has agreed to raise up to Rs 5,000 crore through non-convertible debentures. The microlender has also approved the appointment of its chief financial officer.

The fundraise will take place through one or more tranches on a private placement basis, the company said in an exchange filing on Monday. No reasons were specified for the move, which will be subject to approval from shareholders at the upcoming annual general meeting.

Satin Creditcare will raise funds within a year from the date of approval.

The company has appointed Manoj Agarwal as the chief financial officer and approved the appointment of Joydeep Datta Gupta as an additional director of the company for three years.

Shares of Satin Creditcare closed 3.05% lower at Rs 234.35 apiece on Monday, as compared with a 0.16% advance in the NSE Nifty 50.