This included Satin’s third round equity infusion of Rs 40 crore (~USD$ 9 million) from ShoreCap II Limited and Danish Microfinance Partners K/S (DMP) in two tranches in December 2010 and February 2011. In March 2011, Satin raised Rs 12 crore (~USD$ 2.7 million) of debt through issuance of secured, redeemable non-convertible debentures (NCDs) to DWM (Cyprus) Limited, a member of the Developing World Markets (DWM) group of companies.
“Unitus Capital takes pride in having helped structure and facilitate the equity and NCD transactions for Satin, which has shown great leadership during the recent uncertain times. These transactions indicate that Satin has played a leading role in turning the tide for the India microfinance sector. ShoreCap, DMP and DWM have also shown great commitment and foresight in these uncertain times,” said Mr. Eric Savage, Co-Founder and President of Unitus Capital.