Satin Creditcare Network Limited (SCNL) Receives Approval For Listing Of Shares On BSE
Satin Creditcare Network Limited (SCNL), one of the leading microfinance institutions in India, has received permission for listing of its equity shares on the BSE. SCNL was incorporated in 1990 and was listed on the Delhi, Jaipur and Ludhiana stock exchanges in 1996 through an IPO. SCNL is also listed on The Calcutta Stock Exchange (CSE) and got listed on the National Stock Exchange (NSE) on August 26, 2015.
The BSE has confirmed that the 2,90,81,361 equity shares of SCNL are listed on BSE and admitted to dealings on the Exchange with effect from October 20, 2015.
SCNL is a non-deposit taking NBFC-MFI serving over 14 Lakh clients throughout the states of Uttar Pradesh, Bihar, Madhya Pradesh, Punjab, Rajasthan, Delhi, Haryana, Chandigarh, Jammu, Maharashtra and Uttrakhand and has recently launched operations in West Bengal, Jharkhand, Gujarat, Chhattisgarh and Himachal Pradesh. Currently, SCNL has 5 foreign investors – ShoreCap, Danish Microfinance Partners K/S, Microvest, Norwegian Microfinance Initiative Fund and SBI FMO Emerging Asia Financial Sector Fund Pte. Ltd. – who jointly hold 48.98 per cent stake in the company.
SCNL disbursed microloans worth INR 2,366 Crores to 10.55 Lakh micro-entrepreneurs in FY 2014-15.
Speaking on the listing approval, Mr. H P Singh, Chairman cum Managing Director, Satin Creditcare Network Limited, said, “We are excited about being listed on the BSE as this would allow us to accelerate our growth plans by raising further capital and invest towards business expansion. We are thankful to our investors and our large customer base for supporting us through this journey and look forward to growing with them.”