Debt financing
MFI Satin Creditcare Network raises $100-M loan via ECB
Gurugram-based microfinance institution Satin Creditcare Network Ltd (SCNL) has raised its first syndicated social term loan of USD 100 million via External Commercial Borrowing (ECB) under the automatic route of the Reserve Bank of India (RBI).SCNL had secured total commitments of USD 100 million, which included a greenshoe option of USD 25 million. The participating banks included Standard Chartered Bank, Hatton National Bank, National Development Bank, Seylan Bank, Pan Asia Banking Corporation and Commercial Bank of Ceylon and DFCC Bank.This funding is intended to expand access to financial services, promote economic participation, drive development in India’s underbanked regions and to enhance the company’s Asset and Liability Management (ALM) position while reducing its cost of fundsFounded in 1990, SCNL claims to provide financial products and services to underserved communities and has a presence across 27 states and union territories in the country.
Between March 2008 and May 2024, Satin Creditcare Network had attracted about USD 151 M from Lok Capital, Oikocredit, IFC, IFU, ShoreCap International, Abler Nordic, SBI FMO, ADB and others.For FY24, Satin Creditcare Network had reported about INR 2,233 Cr in Operating Income and about INR 436 Cr in PAT.
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