Satin Creditcare shares rallied 5% and hit an intraday high of Rs 243.90 on 19 October after the company’s Board of Directors approved the plans to raise funds through QIP (Qualified Institutional Placement).

In its regulatory filing, the company said,” Raising of funds for an aggregate amount of up to and not exceeding Rs 3,000 crore, in one or more tranches and/or one or more issuances, simultaneously or otherwise, including by way of private placement(s), qualified institutions placement(s) and/or any combination thereof or any other method as may be permitted.”

The date or the floor price of the said fundraise has yet to be disclosed. Moreover, the management also did not disclose how it plans to use these proceeds.

In July, the Board of Directors approved a fund raise of Rs 5,000 crore through the issuance of NCDs (non-convertible debentures).

The company is a microfinance lender and has a strong presence in 24 states and union territories across 95,000 villages.

At 3:30 pm, the shares of Satin Creditcare closed 3.94% above at Rs 239.95 on NSE.