Top India Microlender Seeks $900 Million to Finance Loan Growth
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One of India’s top microlenders is seeking about 60 billion rupees ($900 million) from banks and non-bank lenders to fund loan growth as demand from borrowers living in small towns and rural areas bucks the slump in the nation’s overall credit offtake.
Satin Creditcare Network Ltd., whose assets exceed 70 billion rupees, needs the cash to meet its credit-growth target of about 40% for the year ending March, Chairman H. P. Singh said by phone. Its shares have handily beaten an index of small-cap stocks this year as the lender’s credit profile has remained largely unscathed amid the lingering shadow-banking crisis.