Satin Creditcare's rights issue oversubscribed even as SBI-promoted fund doesn't take part

KOLKATA/MUMBAI: Asian Development Bank-backed Satin Creditcare Network has completed raising Rs 120 crore as planned through rights issue of shares even as a prominent investor did not participate in it.

SBI Emerging Asia Financial Sector Fund, which held 6.37 per cent in Satin, did not take the offer, sources close to the matter told ET.

The Delhi-based microfinance company has received bids worth Rs 140 crore, exceeding the targeted amount of fundraising.


Other prominent investors in Satin include Nordic Microfinance Initiative with 6.47 per cent holding, Kora Investments with 4.59 per cent, Massachusetts Institute of Technology with 3.09 per cent at the end of June. ADB holds 2.97 per cent in it.

Among local investors, DSP holds 8.89 per cent along with IndusInd Bank’s 2.58 per cent and IDFC First Bank’s 1.59 per cent. Promoters hold 30.19 per cent in the company, which had its loan outstanding at Rs 8150 crore at the end of June.

The rights issue was priced at Rs 60 per share.