Debt financing
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.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
