 "Private credit")
Microfinance institution Satin Creditcare Network Ltd (SCNL) on Friday said it has raised Rs 225 crore through preferential allotment of shares.
The micro lender has allotted a total of 30,76,916 shares (i.e. 7,69,229 shares each) to a group of investors namely Aarti Agrifeeds LLP, Adesh Agricare LLP, Adesh Agrifarm LLP and Trimudra Trade & Holdings Private Ltd, a release said.
It has also allotted a total of 2,46,15,384 warrants (i.e. 1,23,07,692 warrants each) to Trishashna Holdings & Investments Pvt Ltd (promoter & promoter group) and Florintree Ventures LLP (non-promoter).
The warrants have a convertible option in one or more tranches, within 18 months from the date of allotment into equivalent number of fully paid-up equity shares, the release said.
The funds will be used as growth capital to boost the company's position in the lending ecosystem and to accelerate its strategic priorities.
SCNL's Chairman and Managing Director H P Singh said the investment will not only help the company to meet its medium-term goals but also help in accelerating its long-term strategic priorities and also drive growth.
"This fundraise of Rs 225 crore will help us recuperate in these uncertain times," Singh said.
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