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CreditAccess Grameen gains on raising Rs 800 cr via QIP issue

CreditAccess Grameen rose 1.01% to Rs 730.70 after the company said it raised about Rs 799.99 crore through qualified institutional placement (QIP) of 1.13 crore equity shares at Rs 707 each.

October 09, 2020 12:02 IST | capital market

The issue price is at 0.1% discount to the QIP floor price of Rs 707.69 per equity share. The QIP issue opened on 5 October 2020 and closed on 8 October 2020.

CreditAccess Grameen allotted 22 lakh shares (or 19.44% of the total shares offered in the issue) to T. Rowe Price Group, 14.14 lakh shares (or 12.50% of the total shares offered in the issue) to Kotak Funds-India Midcap Fund, 13.49 lakh shares (or 11.92% of the total shares offered in the issue) to Tata AIA Life Insurance Company, 10.37 lakh shares (or 9.17% of the total shares offered in the issue) to The Nomura Trust And Banking Company, 9.64 lakh shares (or 8.52% of the total shares offered in the issue) to HDFC Life Insurance Company, 9.19 lakh shares (or 8.13% of the total shares offered in the issue) to ICICI Prudential Mutual Fund and 6.43 lakh shares (or 5.69% of the total shares offered in the issue) to Nippon India Mutual Fund.

CreditAccess Grameen is a microfinance institution focused on providing micro-loans to women customers predominantly in rural areas across India. The company is now operating in 230 districts in the 13 states and one union territory in the country through 929 branches.

The microfinance player reported 24.9% drop in consolidated net profit to Rs 72 crore on 64.6% rise in total income to Rs 619.87 crore in Q1 June 2020 over Q1 June 2019.

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