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Kerala-based ESAF Microfinance has raised ₹47.5 crore throught private placement of non-convertible debentures (NCDs).
According to a spokesman, the NCD issue is listed with the Bombay Stock Exchange and has been fully subscribed.
Rated BWB BBB+ by Brick Work Ratings, the instrument has been issued to Triodos Fund, a social investment fund from Netherlands owned by Triodos Bank. The issuance was arranged by Unitus Capital.
Dia Vikas Capital, a subsidiary of Opportunity International, Australia, and Manaveeya Holdings, a subsidiary of Oiko Credit Netherlands, are two other major social investors in the microfinance firm.
K Paul Thomas, Chairman and Managing Director, ESAF Microfinance, said that the latest transaction underscored the thrust banks and financial investors have in its business model and quality of portfolio.
ESAF Microfinance is headquartered at Thrissur in Kerala and operates across six States in India covering 34 districts, and reaches to an estimated seven lakh members.
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