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    Florintree to invest Rs 100 crore in Satin Credit

    Synopsis

    Florintree, an India-focused alternative investment manager, will be the first-time investor in Satin while the promoter of the microlender Trishashna Holdings & Investments, which holds 35.4 per cent, will be raising its stake by investing another Rs 100 crore, people familiar with the matter said.

    microfinanceiStock
    Kolkata: Florintree Advisors, led by former Blackstone India head Mathew Cyriac, will be investing Rs 100 crore in microfinance firm Satin Creditcare network, as part of the lender's Rs 225 crore fundraising by way of preferential allotment of equity shares.

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

    Florintree, an India-focused alternative investment manager, will be the first-time investor in Satin while the promoter of the microlender Trishashna Holdings & Investments, which holds 35.4 per cent, will be raising its stake by investing another Rs 100 crore, people familiar with the matter said.

    A group of high networth individuals would invest another Rs 25 crore by subscribing to the preferential issue.

    "We are likely to get the capital around mid of January," Satin chairman HP Singh told ET.

    Florintree chairman Cyriac could not be contacted for comments.

    Satin will seek its shareholders' approval for the fundraising on December 31, the company said in a regulatory filing to stock exchanges.

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

    Satin reported a consolidated net profit of Rs 11 crore for the September quarter after facing Rs 81 crore loss in the June quarter. It had earned Rs 15.5 crore net profit in the September 2020 quarter.

    The lender had a consolidated loan portfolio of Rs 7381 crore at the end of September while it was Rs 6315 crore on standalone basis.



    ( Originally published on Dec 06, 2021 )
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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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