Microfinance firm Satin Creditcare Network Ltd (SCNL) on Tuesday said the country’s largest lender SBI has invested in the company by subscribing its bonds worth Rs 50 crore.
The working committee of Satin Creditcare Network in their resolution dated August 31, 2020 has allotted 500 non-convertible debentures (NCDs) of Rs 10 lakh each for cash to State Bank of India (SBI), SCNL said in a regulatory filing.
SCNL said the private placement of bonds to SBI carry a coupon rate of 10.20 per cent per annum, payable semi-annually.
The tenure of the bonds is 18 months from the date of allotment, it said.
“NCDs will be redeemed on February 28, 2022,” it added.
Shares of SCNL settled at Rs 78.70 apiece on BSE, up 8.25 per cent from the previous close. SBI scrip closed 3.04 per cent up at Rs 218.60.