Satin Creditcare Network Limited (SCNL), a leading microfinance institution in India, has successfully raised 15 Mn Euros in External Commercial Borrowing (ECB). The funding was secured from OeEB - Oesterreichische Entwicklungsbank AG - the Development Bank of Austria.
The ECB has a tenure of five years, during which the funds raised will be strategically utilized to expand SCNL's business operations and enhance micro-credit access for its customers. These efforts will be facilitated through the Company's Income Generating Loan (IGL) and WASH Loan programs, both tailored to support and empower rural women entrepreneurs. Furthermore, this initiative aims to foster economic growth and elevate living standards in underserved communities. This marks the Company's third transaction with OeEB, following the successful collaboration in 2019 and 2021, which raised a total of USD 20 million.
For the year ended March 31, 2024, Satin Creditcare reported a net profit of ₹436 crore compared with net profit of ₹5 crore in the previous year. Net interest income grew 43 per cent in 2023-24 to ₹1,340 crore (₹934 crore). The marginal cost of borrowing stood at 10.99%.
Commenting on the transaction, Mr. HP Singh, CMD of Satin Creditcare Network Limited, said, "We would like to share the latest development regarding our external commercial borrowing: the successful raising of 15 million Euros. Given our strong focus on deep penetration across Indian villages, these additional funds will significantly enhance our expansion efforts and broaden microcredit access to underserved communities. We are determined to level-up and empower women with our outreach programmes and continue to fuel avenues that can make our country self-reliant. With Nagaland being added to our portfolio recently we see new opportunities amongst far Eastern states too."
Shares of Satin Creditcare Network Limited was last trading in BSE at Rs. 211.50 as compared to the previous close of Rs. 212.45. The total number of shares traded during the day was 42384 in over 1404 trades.
The stock hit an intraday high of Rs. 215.15 and intraday low of 208.00. The net turnover during the day was Rs. 8926305.00. |
