• CreditAccess Grameen Limited is Bengaluru based company engaged in providing micro-loans to women in Rural Areas in India. Incorporated in 1991, But actually, Grameen Koota was founded in May 1999 as a project under the T. Muniswamappa Trust (TMT), an NGO in Bangalore.
  • As of March 31, 2018, This operates across the eight states of Karnataka, Maharashtra, Tamil Nadu, Chhattisgarh, Madhya Pradesh, Odisha, Kerala, Goa and one union territory of Puducherry through 516 branches and 4,544 loan officers.
  • India's 3rd Largest NBFC-MFA
  • 2nd Largest Rural-focused NBFC-NFI

IPO Details:
Security symbol
Company Name
CreditAccess Grameen Limited
Issue size
Fresh Issue upto Rs. 630 Cr and
OFS : Rs 501 Cr
Face Value
Rs 10
Price Range
Rs 418 to Rs 422
Lot size
35 Equity Shares and in multiples thereof
Minimum Order Size
35 Equity Shares and in multiples thereof
Bidding Period
08-Aug-2018 to 10-Aug-2018


  • Microfinance loans are unsecured
  • An increase NPA: 2.5 Cr to 98 Cr
  • Unable to manage our growth effectively
  • Sahayata Microfinance Private Limited ("Sahayata"),
    • (a) accounting malpractices, : fake expenses, fake loans and fictitious transactions and fake transactions
    • (b) failure of internal controls,
    • (c) poor quality and lack of independence of internal audit;
    • (d) lack of any review over expenditure ;
    • (e) concealing of NPAs including forgery of supporting
    • (f) poor post-sanction supervision of loans,
  • Competition from banks and financial institutions, as well as state-sponsored social programs, may adversely affect our profitability
  • Trademark registration not done
  • CAA has invested in other companies engaged in similar businesses as our Company
  • Risks Relating to India: Indian economy is undergoing many changes

What is +ve in this company:

  • Honest Management
  • strong fundamentals
  • Management has very strong Banking Experiences


The following table sets forth our key financial and operational metrics as of or for the periods indicated:
(in millions, except percentages and number of Total Active Loan Accounts)

As of/ for the

March 31, 2018March 31, 2017March 31, 2016March 31, 2015March 31, 2014
Net Interest Income5,109.853,852.042,487.041,391.06700.83
Profit after tax1,246.41802.98832.41487.32166.26
Gross NPA980.9225.8219.804.940.77
Gross NPA Ratio1.97%0.08%0.08%0.04%0.01%

  • Avoid for listing gains
  • Only High-risk investors apply for very long-term

Tentative Dates
Finalisation of Basis of Allotment :
Aug 16, 2018
Initiation of refunds :
Aug 20, 2018
Credit of Equity Shares to demat accounts :
Aug 21, 2018
Commencement of trading :
Aug 23, 2018



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