Shares of microfinance firm CreditAccess Grammen Ltd rose as much as 7 percent in mid-morning trade after opening at a discount against the issue price on Thursday.

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The stock traded at Rs 412.50, higher by 7.14 percent or Rs 27.60, from its opening price on the BSE at 10.23 am. It opened with 7 percent discount at Rs 393 against issue price of Rs 422.

Creditaccess Grameen raised Rs 1,131-crore through its initial public offer (IPO) which was subscribed 2.22 times during August 8-10.

The portion reserved for qualified institutional buyers was subscribed 5.52 times, while that for non-institutional investors was subscribed 0.98 times. Retail investors share was subscribed 0.88 times.

The public offer comprised a fresh issue of up to Rs 630 crore and an offer for sale of up to 11,876,485 shares, including a portion of 8,041,617 shares reserved for anchor investors.

CreditAccess Grameen is primarily focused on providing micro-loans to women customers predominantly in rural areas.

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