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Ujjivan Financial Services, a microfinance institution has raised Rs 60 crore of debt capital by issuing listed, secured, redeemable, non-convertible debentures (NCDs) to International Finance Corporation (IFC).
The NCDs are listed on the Bombay Stock Exchange and have been fully subscribed, the company said in a statement.
Samit Ghosh, Managing Director, Ujjivan said, “We appreciate IFC’s continued support for Ujjivan. We look forward to our long term partnership with an international development institution like IFC”.
Sudha Suresh CFO, Ujjivan, indicated that the transaction not only confirmed the inherent strength of Ujjivan’s robust operations, excellent growth and diversified funding avenues, but also opened the avenues for future debt investments in the Indian microfinance sector by IFC
“Women-owned businesses are a significant market opportunity for banks and financial institutions in India, and globally," said Giriraj S. Jadeja, Regional Head - Asia, Financial Institutions Group, IFC. "IFC's support to Ujjivan will enable microfinance institutions to expand their reach to more women entrepreneurs, who need financing to raise incomes, expand their businesses, and create jobs."
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