Mumbai: Microfinance company Satin Creditcare Network said on Monday its board has approved raising of Rs 120 crore through a rights issue.

Last week, the company had reported a 77 per cent decline in its net profit to Rs 13 crore in the quarter ended March.

The company had said its profits and return ratios were impacted due to higher provisions in the wake of Covid-19 and other external factors during the last quarter of 2019-20.

Ahead of the announcement, Satin Creditcare shares closed 3.76 per cent lower at Rs 93.30 per share on the BSE, while benchmark 30-share Sensex closed 0.52 per cent higher at Rs 34,911.32 points.

The stock has risen nearly 93 per cent over last one month, but is still down 56.7 per cent for the year to date.

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