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IFC to invest $75 million in Cholamandalam Investment: Report

29 Nov 2017 Evaluate

The International Finance Corporation (IFC) has reportedly proposed to invest around $75 million in first rupee-denominated offshore bond (Masala bond) of Cholamandalam Investment and Finance Company (CIFCL). IFC would play a catalytic anchor role in the proposed $125-200-million bond placement by the company. Its support should enable the company to launch its first off-shore local currency bond for international investors and open the platform to more such solid, reputable but below international investment grade issuers to access the market.

The Masala bond issuance with IFC’s support will open an entirely new funding source (foreign investors) for the company, which, it can tap into to further its diversification plans.

Cholamandalam Investment and Finance Company is among the top 5 NBFC’s in the country operating in vehicle finance, home equity, corporate and mortgage finance segments with subsidiaries in the broking and wealth advisory space.

Chola Invest & Fin. Share Price

1581.50 47.05 (3.07%)
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