Avanse Financial Services has signed a syndicated social-linked External Commercial Borrowing (ECB) facility of USD 145 million.
The education-focused non-banking financial company, in a statement, said it will receive the amount in tranches as per the agreed-upon guidelines.
“The funds will be utilised to enable more deserving students to fulfil their academic aspirations...This syndicated social-linked ECB transaction is among the first in the Indian education financing segment,” the company said.
Amit Gainda, Managing Director & CEO, said, “Such category borrowing is a testimony to our philosophy that long-term success cannot depend on our financial performance.
“We have to take a holistic view of how we are positively impacting our social environment, the community we operate in and our stakeholders at large to be truly successful.”
Avanse said Standard Chartered Bank is the social loan coordinator, sole mandated lead arranger and sole book-runner for this transaction. Eleven banks have participated in this syndication., it added.