Mumbai: Satin Creditcare Network Ltd (SCNL), a Delhi-based microlender, said that it was launching a qualified institutional placement (QIP) on Monday to raise at least 150 crore.

A QIP is a sale of securities to institutional investors by a listed company.

SCNL intends to raise 150 crore with the so-called greenshoe option of raising 100 crore more if it receives surplus demand. The price band is in the range of 550-560 per share, said a person familiar with the matter. The price is at a discount of 7.5% to the company’s stock price at the lower end of the issue.

On Monday, shares of SCNL closed at 594.60 on the BSE, up 1.53% from the previous close. The stock has touched a high of 716.70 and a low of 264 in the past 52 weeks, stock exchange data showed.

Edelweiss Financial Services Ltd and Religare Capital Markets (India) Ltd are the financial advisors to the private placement.

Bharat Financial Inclusion Ltd. formerly known as SKS Microfinance Ltd, said last week that it would raise 750 crore through the QIP route.

So far Equitas Small Finance Bank and Capital Small Finance Bank have started banking operations, having earlier been microlenders. Once the remaining microfinance institutions also start banking operations, Bharat Financial and Satin will be the top entities in the microfinance industry, which will touch the 3.3-4.3 trillion mark in the next three to four years, according to a study by ICRA Ltd.

Satin had a gross loan portfolio (GLP) of 3,278 crore as of 31 July. The GLP increased by 62% in the first quarter of the financial year compared to the year-ago period.

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