Satin Creditcare Network Ltd's chief operating officer Vivek Tiwari has put in his papers after an eight-year stint at the firm, a company spokesperson said.
Tiwari resigned a few weeks ago. However, he will be with the firm till mid October, the spokesperson said. He is stepping down as he is planning to float a microfinance company, said the spokesperson, who did not wish to be named.
Tiwari, who has about 12 years of experience in the microfinance sector, joined Satin Creditcare as COO in April 2008. Before joining Satin Creditcare, he worked with Gujarat-based Vardan Microfinance.
Satin Creditcare was formed in 1990 as a non-banking financial company (NBFC) to provide individual loans to urban shopkeepers for purchasing generators. It evolved to become a microfinance firm with a significant presence in North India.
It had first raised private investment from Lok Capital and columnist Swaminathan S Anklesaria Aiyar way back in 2008 and later brought on board other investors. It was listed in regional exchanges and last year graduated to the national bourses. It currently commands a market cap of Rs 1,949 crore.
Satin Creditcare claims to be the fifth-largest microlender in the country with 431 branches and presence across 16 states as of March 31, 2016. Its gross loan portfolio increased 53% to Rs 3,270 crore last year.
In July, Satin Creditcare said it is raising up to Rs 250 crore through a qualified institutional placement. However, it did not specify any timeline for the fundraising. It also said the company's board has approved an increase in investment by foreign portfolio investors in its equity shares from 24% to 49%.
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