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Microfinance Institution Satin Creditcare Network Ltd has raised ₹25 crore by issuing unsecured, subordinated, rated, non-convertible debentures of six years tenure to a non-banking finance company. IFMR Capital executed the issuance of the benchmark-linked long term tier-II NCD. Kshama Fernandes, CEO, IFMR Capital, said this transaction is the first benchmark-linked tier-II issuance in the Indian microfinance sector. Usually, NCDs issued by MFIs, depending on their rating, carry a coupon rate of 10-14 per cent.
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