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Non-banking financial company Fullerton India has raised Rs 450 crore from the World Bank’s unit International Finance Corporation (IFC).
“These funds are raised through the subscription of secured non-convertible debentures (NCDs), with an average maturity period of 5 years. These NCDs are rated, listed and tradable on the National Stock Exchange,” Fullerton said in a statement.
Shantanu Mitra, Managing Director & CEO, Fullerton India said, “Credit availability for the micro and small and medium enterprises segment in India has always been a challenge. We at Fullerton India strongly believe in the immense growth potential of the SME and MSME segment and are well equipped to extend our lending services by way of our wide network of 443 branches. This funding will further aid in expanding our business and diversification of our portfolio to cater to this segment.”
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