No deviation reported in use of preferential issue funds
SATIN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Brickwork Ratings found no deviation in the use of proceeds from Satin Creditcare Network's preferential issue of 3.85 million warrants that can convert into shares, at Rs 260 each and worth Rs 100.10 crore in total. The company received Rs 25.02 crore as a 25 percent upfront payment and fully used it to strengthen its capital base for microfinance lending. The remaining Rs 75.08 crore was unutilised because only the upfront payment was due.
Positive: funds were used as planned, supporting lending and capital strength. Future conversion of the warrants into shares could dilute existing shareholders.