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IFMR Capital has executed the placement of a ₹400-crore NCD transaction for Spandana Sphoorty, a Hyderabad-based micro-finance institution.
Aditya Birla Sun Life MF has subscribed to the NCDs, rated BBB with a three-year tenor. This is the first investment by a mutual fund into Spandana, after the MFI exited the corporate debt restructuring in March. Spandana was among the MFIs hit by the crisis the sector went through in Andhra Pradesh.
This is also the largest on balance sheet syndication done by IFMR Capital since its inception. The transaction also shows the revival of interest in the sector from the capital markets.
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