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    CreditAccess Grameen shares rally over 9% after board approves fundraising

    CreditAccess Grameen shares rally over 9% after board approves fundraising

    CreditAccess Grameen shares rally over 9% after board approves fundraising
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    By CNBCTV18.com  IST (Published)

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    The company’s board has approved raising of Rs 1,000 crore via equity.

    The share price of CreditAccess Grameen rallied over 9 percent on Friday after the company's board approved raising of funds. The company’s board has approved raising of Rs 1,000 crore via equity.
    The stock gained as much as 9.34 percent to Rs 749 per share on the NSE. The stock, however, lost some steam and traded 6.13 percent higher at Rs 726.75, at 11:15 am.
    For August, the company's loans under moratorium have come down to 18 percent from 24 percent in July.
    Collection efficiency has improved to 82 percent in August vs 76 percent in July. Meanwhile, the collection efficiency of the company's acquisition in Madura Microfinance improved to 75 percent in August vs 64 percent in July, added the exchange filing.
    "Disbursements of Rs 484.6 crore in August 2020. New disbursements were made only to borrowers making on-time payments," added the company's filing further.
    As on August 31, 2020, the company's cash/bank balance and liquid investments stood at Rs 1,778 crore compared to Rs 1,636 crore in July.
    CLSA has a 'buy' rating on the stock with a target of Rs 840 per share. The Madura Micro acquisition will help the company consolidate its leadership position, said CLSA, adding that the company is better placed to capture the Indian MFI opportunity.
     
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