Watch out for Satin Creditcare in July 1 trade

Satin Creditcare Network, will likely be the dark horse of July 1 trade, the company has issued a statement to the stock exchanges that it has acquired  Taraashna Services Private Ltd., a wholly owned subsidiary of the company. The Board has also approved fund raising upto Rs 250 crores via preferential allotment or through QIP. The company also in a statement to the exchanges said that they have increased the investment by foreign portfolio investors from 24 per cent to 49 per cent.

The company has also raised Rs 100 crore by issuing 100 rated, listed unsecured, redeemable, transferable, Non-Convertible Debentures (NCDs), having face value of Rs 10 lakh each, on a private placement basis. The working committee of the board of directors had approved it on June 28, 2016.

Satin Creditcare Network was formed as a Non-Banking Finance Company (NBFC) and has expanded and evolved into one of the leading microfinance institutions in India with its current geography in North as well as Central India. The shares on July 1 have opened 8 points higher and are currently trading at Rs 510.90. The shares' 52-week High/Low stand at Rs 543.50/264.The industry P/E stands at 4.18 whereas the company P/E stands at 27.73.

Satin Creditcare Network Limited, operates as a non-banking finance company which provides microfinance loans on joint liability and individual liability basis. The company provides loans to urban and rural poor to meet their productive requirements in starting new businesses or growing existing businesses. The company was formerly known as Satin Leasing and Finance Private Limited. The company changed its name to Satin Creditcare Network Limited in April 2000. Satin Creditcare Network Limited was founded in 1990 and is based in Azadpur, India.