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Ujjivan Financial Services, an urban poor-focused microfinance institution (MFI), has raised Rs 23 crore ($5 million) by way of private placement of Non-Convertible Debentures (NCD).
Standard Chartered Bank is the sole book runner and lead arranger of the issue. Mr Samit Ghosh, Managing Director, Ujjivan, said, “This reiterates the faith of banks and financial Investors in Ujjivan. During FY 2010-11, Ujjivan has shown consistent performance and growth amidst crisis.”
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