CreditAccess Grameen Limited has raised Rs 425 crore through the private placement of non-convertible debentures (NCDs). The fundraising comprised two transactions, including Rs 325 crore in privately placed NCDs arranged by Nuvama Fixed Income Advisory and Rs 100 crore in NCDs placed with Bajaj Finance Limited.
The NCDs are senior, secured, rated, listed and redeemable in nature.
The Rs 325 crore issue, which was launched with a base size of Rs 200 crore, attracted strong investor interest, leading to an additional Rs 125 crore being raised through the exercise of a green-shoe option. Investors in the issue included Sundaram Finance Limited, Nuvama Wealth Finance Limited, Julius Bäer Capital (India) Private Limited, Royal Sundaram General Insurance Company Limited and Vivriti Fixed Income Fund.
The Rs 325 crore NCDs carry a tenure of two years with a fixed coupon rate of 9.25 per cent per annum, payable quarterly. The Rs 100 crore NCDs placed with Bajaj Finance have a two-year tenure and offer a floating coupon rate of 9.15 per cent per annum, payable monthly.
Commenting on the transaction, Nilesh Dalvi, Chief Financial Officer, CreditAccess Grameen, said, “At CA Grameen, building a diversified and cost-efficient funding franchise has always been a strategic priority. Every transaction, whether a syndicated ECB across global markets or a domestic NCD issuance, reflects our conviction that a resilient NBFC should be supported by multiple, independent sources of funds. This private placement demonstrates the confidence domestic institutional investors have in our credit profile and complements the strong support we continue to receive from international lenders. We will continue to build on this momentum as we progress towards our 2028 funding architecture.”
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