Private Sector Bank IndusInd Bank has now become 2.58 per cent owner of non-banking finance company Satin Creditcare allotting of 13.43 lakh equities against preference shares.
However, on Dec 28, 2017, Satin Creditcare Network Limited has allotted optionally convertible cumulative redeemable preference shares to IndusInd Bank at Rs 335 each for which full amount was paid at the time of allotment, the company said on Friday.
The promoter group of Satin, Trishashna Holdings & Investments Private Ltd held shares of which it has gone up to 27.04 per cent from 25.11 per cent earlier following the conversion of preference shares into equities.
Subsequently, Satin has also converted 17.9 lakh preference shares into equities. However, according to the company, Satin’s paid-up share capital rose to Rs 52 crore.