Satin Creditcare's Rs 120-cr rights issue to open on Aug 12

Satin Creditcare Network (SCNL) on Wednesday said its Rs 119.89 crore rights issue will open for subscription on August 12. The issue will close on August 26, 2020, it said in a release. The microfinance lender has fixed the issue price at Rs 60 per equity share for an aggregate amount of up to Rs 119.89 crore.

Satin Creditcare Network (SCNL) on Wednesday said its Rs 119.89 crore rights issue will open for subscription on August 12. The issue will close on August 26, 2020, it said in a release.

The microfinance lender has fixed the issue price at Rs 60 per equity share for an aggregate amount of up to Rs 119.89 crore. It will issue a total of 1,99,82,667 partly paid-up equity shares in the rights entitlement ratio of 48 shares for every 125 existing fully paid shares held by eligible equity shareholders as on August 5, 2020.

Shareholders need to pay Rs 15 per share on application and Rs 45 per share on subsequent calls as may be determined by the Board/Committee of the Board, from time to time, SCNL said. The company's assets under management (AUM) stood at Rs 8,174 crore in FY20, up 15.6 per cent from Rs 7,068 crore in the previous fiscal.

Satin Creditcare reported net profit of Rs 155 crore in 2019-20, down 23 per cent from Rs 201 crore in the year-ago period. Shares of the company closed at Rs 68.50 apiece on the BSE, dow 2.76 per cent from previous close.