Satin Creditcare raises ₹500 crore from NABARD as Refinance Facility
New Delhi, June 26, 2018: Satin Creditcare Network Limited (“SCNL”) [BSE: 539404; NSE: SATIN] the second largest microfinance company in the country, has received a fresh disbursement of ₹500 crore from NABARD in the form of refinance facility for tenure of 5 years. The funds raised will be used for further growth in AUM of SCNL. Commenting on the transaction, Mr. H P Singh, Chairman and Managing Director - SCNL, said, “Association with NABARD is helping SCNL to reduce the cost of borrowings and lending rates to the ultimate borrowers. Lower lending rates will accelerate the pace of our mission of financial inclusion.”
SCNL has been raising funds through various instruments, such as Term Loans, NonConvertible Debentures (NCD), Preference shares, Commercial Paper and Securitization/assignment, etc., in keeping with its strategy to diversify its resource profile.
Last financial year, SCNL has raised over ₹ 3888 crore which reflects its strong association and comfort with various lenders. On 30th May 2018, the company announced its results for the period ended March 2018 with consolidated GLP of ₹5,756.8 crore and consolidated PAT of Q4FY18 at ₹ 44.1 Cr, as against Loss After Tax at ₹ 43.0 Cr in Q4FY17 and PAT ₹ 21.6 Cr in Q3FY18 - an increase of 103.6% QoQ. With operations across 18 states, and market leading positions in some states, the GLP is expected to increase 40%.