CreditAccess Grameen soars on getting nod for further investment in Madura Micro Finance

CreditAccess Grameen is currently trading at Rs. 644.30, up by 21.25 points or 3.41% from its previous closing of Rs. 623.05 on the BSE.

The scrip opened at Rs. 623.75 and has touched a high and low of Rs. 660.05 and Rs. 621.95 respectively. So far 2894 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 810.00 on 11-Jan-2021 and a 52 week low of Rs. 495.30 on 01-Dec-2021.

Last one week high and low of the scrip stood at Rs. 660.90 and Rs. 602.05 respectively. The current market cap of the company is Rs. 9827.74 crore.

The promoters holding in the company stood at 73.91%, while Institutions and Non-Institutions held 19.57% and 6.52% respectively.

CreditAccess Grameen has received approval from board of directors for further investment in Madura Micro Finance (MMFL) — a Material Subsidiary of the company in the form of Subordinate Debt or Perpetual Debt Instruments (PDIs) or both, up to Rs 250 crore, in tranches, in order to support capital adequacy requirement of MMFL, subject to applicable Laws, Rules & Regulations. The Board of Directors at their meeting held on December 21, 2021, have considered and approved the same.

CreditAccess Grameen is a leading Indian micro-finance institution headquartered in Bangalore, focused on providing micro-loans to women customers predominantly in Rural Areas in India.

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