IFMR Capital, part of Chennai-based IFMR Group, has executed the issuance of Senior Secured Non-Convertible Debentures aggregating to Rs 150 crore for microfinance institution Janalakhsmi Financial Services. The NCDs were subscribed to by an undisclosed mutual fund house. The issuance comprised of three strips of Rs 50 crore with varying tenures, with a maximum tenure of four years. The issuance was rated “A” by rating agency ICRA and carried a coupon rate of between 12 and 12.5 per cent.
Alongside this, IFMR Capital also extended an unsecured term loan of Rs 27 crore to Janalakshmi, meant to diversify the institution’s sources of funding, help create assets and provide the flexibility to securitise them.