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.