Satin Creditcare Network share price: Florintree Advisors, promoters to infuse Rs 225 crore into Satin Creditcare Network

Calcutta: Florintree Advisors, led by former Blackstone India chief Mathew Cyriac, will invest Rs 100 crore in a microfinance company, as part of raising Rs 225 crore from the lender through a preferential allocation of shares.

The investment will be made at Rs 81.25 per share, the company said. Its board of directors approved the preferential issue on Monday. Satin closed the day down 5.3% at Rs 75.7 on BSE.

Floorintree, an alternative investment manager focused on India, will be the first investor in Satin while the promoter of micro-lender Trishashna Holdings & Investments, which owns 35.4%, will increase its stake by investing another Rs 100 crore, people familiar with the matter said.

A group of non-residents would invest another crore of Rs 25 by subscribing to the preferential issue.

“We’ll probably have the capital around mid-January,” Satin chairman HP Singh told ET.

Florintree president Cyriac could not be reached for comment.

Satin will seek shareholder approval for the Dec. 31 fundraiser, the company said in a regulatory filing with the stock exchanges.

A preferential issue of up to 2.46 crore of fully convertible warrants will be issued to the promoter and advisers Florintree, the company said.

Satin reported a consolidated net profit of Rs 11 crore for the September quarter after suffering a loss of Rs 81 crore in the June quarter. He had made a net profit of 15.5 crore rupees in the September 2020 quarter.

The lender had a consolidated loan portfolio of Rs 7,381 crore at the end of September while it was Rs 6,315 crore on a stand-alone basis.