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Last Updated : Aug 23, 2018 09:31 PM IST | Source: Moneycontrol.com

CreditAccess Grameen falls below Rs 400 on debut, opens with 7% discount to issue price

In the pre-opening trade, the stock price settled at Rs 385, a 8.77 percent discount to final offer price.

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Microfinance firm CreditAccess Grameen share price started off the first trading session on a weak note, opening with 7 percent discount at Rs 393 against issue price of Rs 422.

At 10:02 hours IST, the stock price was trading 5.56 percent lower at Rs 398.55 against issue price on the BSE while compared to the opening price decided in pre-opening trade, it traded with 3.52 percent premium.

In the pre-opening trade, the stock price settled at Rs 385, a 8.77 percent discount to final offer price.

Creditaccess raised Rs 1,131-crore through its initial public offer which was subscribed 2.22 times during August 8-10, 2018.

The portion reserved for qualified institutional buyers was subscribed 5.52 times, that for non-institutional investors was subscribed 0.98 times and that for retail investors was subscribed 0.88 times.

The public offer comprised a fresh issue of up to Rs 630 crore and an offer for sale of up to 11,876,485 shares, including a portion of 8,041,617 shares reserved for anchor investors.

CreditAccess Grameen is focused on providing micro-loans to women customers predominantly in rural areas in India. It provides loans primarily under the joint liability group (JLG) model.

Company's total revenue grew at 48 percent CAGR (compounded annual growth rate), while its net interest income grew at 54 percent CAGR, from FY15-18.

The company's profit grew at 37 percent CAGR over the same period. Its CRAR (capital to risk (weighted) assets ratio) was 28.08 percent, 21.48 percent, 29.71 percent and 28.94 percent as at the end of March 2015, 2016, 2017 and 2018, respectively. This is well above the regulatory requirement of 15 percent.
First Published on Aug 23, 2018 10:00 am
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