New Delhi <\/p>\n
Satin Creditcare Network Ltd (Satin Creditcare) has raised \u20b9332 crore from sovereign Dutch Entrepreneurial Development Bank FMO. The funds have been mobilised by the company through issuance of non convertible debentures (NCDs).<\/p>\n
The microfinance lender has allotted 33,200 NCDs of face value of \u20b91,00,000 each aggregating to \u20b9332 crore, according to a filing with the stock exchanges.<\/p>\n
\u201cWe are pleased to announce the latest development in our longstanding relationship with FMO, a sovereign Dutch Entrepreneurial Development Bank: the successful raising of \u20b9332 crore.\u00a0 We deeply value FMO\u2019s unwavering confidence and support in this transaction,\u201d HP Singh, CMD, Satin Creditcare, said.<\/p>\n
\u201cOur enduring partnership has consistently yielded impactful results in our shared goal of empowering women-led enterprises and stimulating economic growth in underserved communities\u201d.<\/p>\n
The NCDs have a tenure of five years and the monies raised will be used by the company for its operations \u2014income generating loans.\u00a0<\/p>\n
\u201cWith our presence now established in 26 States, our focus remains on deepening our impact within the existing geographies where this investment will play a pivotal role,\u201d Singh said.\u00a0<\/p>\n
For the year ended March 31, 2024, Satin Creditcare reported a net profit of \u20b9436 crore compared with net profit of \u20b95 crore in the previous year.\u00a0\u00a0Net interest income grew 43 per cent in 2023-24 to \u20b91,340 crore ( \u20b9934 crore).<\/p>\n