CreditAccess Grameen share price added more than 5 percent in early trade on September 4 after the company's board appoved raising of funds.
The company board at its meeting held on September 3 approved issue of equity shares by way of permissible mode(s) including but not limited to private placement and/or follow-on public offering and/or preferential issue and/or qualified institutions placement, or any combination thereof up to an amount not exceeding Rs. 10,000 million, subject to the approval of the shareholders of the company.
The Extra-Ordinary General Meeting (EGM) of the shareholders of the company is scheduled to be held on September 26, 2020 at 3:00 p.m. (IST) through Video Conferencing / Other Audio-Visual means.
CLSA has initiated coverage with a buy rating and a target of Rs 840 per share.
The Madura Micro acquisition will help it to consolidate its leadership position, while company is better placed to capture the Indian MFI opportunity, said CLSA.
Asset quality in earlier crisis & during COVID-19 has been better than industry, reported CNBC-TV18.
At 09:39 hrs, CreditAccess Grameen was quoting at Rs 720.85, up Rs 31.50, or 4.57 percent.
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