Market

CreditAccess Grameen shares gather steam after tepid start

Updated : August 23, 2018 11:17 AM IST

Creditaccess Grameen stock had a tepid start on Thursday and was trading lower by 2.25 percent or Rs 9.50 vis-a-vis its issue price of Rs 422 at 10.23 am

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

CreditAccess Grameen shares gather steam after tepid start

Shares of microfinance firm CreditAccess Grammen Ltd rose as much as 7 percent in mid-morning trade after opening at a discount against the issue price on Thursday.

The stock traded at Rs 412.50, higher by 7.14 percent or Rs 27.60, from its opening price on the BSE at 10.23 am. It opened with 7 percent discount at Rs 393 against issue price of Rs 422.

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

The portion reserved for qualified institutional buyers was subscribed 5.52 times, while that for non-institutional investors was subscribed 0.98 times. Retail investors share 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 primarily focused on providing micro-loans to women customers predominantly in rural areas.

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