Satin Creditcare Network raises Rs 51.31 crore from SBI FMO

MUMBAI: Micro-finance institution, Satin Creditcare Network (SCNL), today said it has raised Rs 51.318 crore from SBI FMO Emerging Asia Financial Sector Fund and its promoters by way of issuing shares and warrants.

"We have entered into agreements with the SBI FMO Emerging Asia Financial Sector Fund and our promoters H P Singh and raised nearly Rs 51.318 crore by issue of 32,30,000 equity shares at Rs 130 per share and 28,70,000 share warrants at Rs 130," the company said in a statement.

The funds will be used to finance SCNL's ongoing growth strategy.

"We see a lot of potential in Satin as it is already one of the largest MFIs in the country and importantly has a leadership position in the structurally under-penetrated and fastest growing region of northern India," SBI FMO Fund managing director and fund manager Brijesh Pande said.

Religare Capital Markets and ICICI Securities were the the advisors to SCNL.

SBI FMO Emerging Asia Financial Sector Fund is a specialist financial services fund which is sponsored by SBI Holdings, Japan (formerly known as Softbank Investments) and Netherlands Development Finance Company (FMO).

The fund is managed by SBI Ven Capital, an overseas private equity arm of SBI Holdings, Japan.