CreditAccess Grameen has completed the allotment of Secured, Redeemable, Transferable, Non-Convertible Debentures (NCDs) of Rs 10 lakh each aggregating to Rs 214 crore ($30 million) to NEDERLANDSE FINANCIERINGS-MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V. (FMO) on private placement basis on November 08, 2019 with a view to raise debt for its ongoing business operations of the company including expansion and on lending to expand microfinance loan portfolio.
The coupon rate is 9.50% per annum and the tenor of the facility being 5 years, will help improve the favorable ALM position of the company. This is the first transaction of CreditAccess Grameen with FMO, the development financial institution from Netherlands.
CreditAccess Grameen is a leading Indian micro-finance institution headquartered in Bangalore, focused on providing micro-loans to women customers predominantly in Rural Areas in India. Its wide range of lending products addresses the critical needs of its customers throughout their life cycle and includes income generation, family welfare, home improvement and emergency loans.
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