MFI Annapurna Finance raises $109.5 M in ECBs from 10 banks

Bhubaneswar-based micro-finance institution (NBFC-MFI) Annapurna Finance has raised USD 109.5 million (around INR 927 crore) in external commercial borrowings through a multilateral syndicated social loan facility. The funds have been raised from 10 financial institutions from Southeast Asia, the Middle East, and Africa. The fundraise involves a green-shoe option to raise an additional USD 40 million (around INR 338 crore).The funds will be used for on-lending to microfinance borrowers with a focus on rural women and underserved populations. Annapurna Finance has 1,572 branches and claims to have served 2.9 million clients.