Debt

Debt financing

CreditAccess Grameen invests Rs.150-Cr in Madura Micro Finance

Economic Times  

CreditAccess Grameen has invested INR 150 crore in its subsidiary Madura Micro Finance to augment the capital adequacy ratio of the latter. The NBFC-MFI has invested the fund in the form of subordinate debt, The fund infusion is aimed at maintaining Madura's capital adequacy ratio around 18-20 per cent levels, on the backdrop of a steady portfolio growth. CreditAccess had earlier acquired 76% in Madura and is now awaiting regulatory approval to merge the latter with itself. It will acquire the residual 24% held by erstwhile promoters and employees, through share-swap arrangement.