Satin Creditcare Network Board Approves Preferred Equity Fund Raising

During the meeting of December 06, 2021

The Board of Directors of Satin Creditcare Network, at its meeting on December 6, 2021, approved the increase in the company’s authorized share capital to Rs 180 crore comprising 10.50 crore equity shares of Rs 10 each and 7.50 crore of preferred shares of Rs 10 each by the creation of 1 crore of additional shares.

The Board also approved the preferential issue of up to 30,76,290 shares, in cash, at an issue price of Rs 81.25 per share (including the premium of Rs 71.25) for an amount n not exceeding Rs 25 crore to persons belonging to a non-promoting group. .

The board also approved the preferential issue of up to 2,46,15,384 fully convertible warrants, at an issue price of Rs 81.25 per warrant, convertible into equivalent fully paid shares of the company, for an amount not exceeding 200 crore rupees per person. belonging to promoter and promoter group and non-promoter group.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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