The microfinance company on Thursday announced that the company's board has approved issue of equity through permissible mode including private offerings, follow on public offering, preferential issue and/or qualified institutions placement (QIP), or any combination thereof up to an amount not exceeding Rs 1000 crore.

The company reported 24.9% drop in consolidated net profit to Rs 72 crore on 64.6% rise in total income to Rs 619.87 crore in Q1 June 2020 over Q1 June 2019.

CreditAccess Grameen is a microfinance institution focused on providing micro-loans to women customers predominantly in rural areas across India. The company is now operating in 230 districts in the 13 states and one union territory in the country through 929 branches.