CreditAccess Grameen funding
Microfinance Institution, CreditAccess Grameen, announced on Thursday that it has raised Rs 71 crore in funding by issuing bonds to Global Access Fund LP.
In a meeting held on April 22, the company’s board of directors has acknowledged and approved the issuance of 710 secured, redeemable, transferable non-convertible debentures (NCDs) of the face value of Rs 10 lakh each, totaling up to Rs 71 crore to Global Access Fund LP, the company stated in a regulatory filing.
The duration of the bonds is 36 months and 15 days (from the date of allotment).
The bonds carry a coupon rate of 9.90 percent per annum. Interest on the bonds will be paid quarterly every year until the maturity date in May 2024, it stated.
Bengaluru-headquartered CreditAccess Grameen is focused on providing micro and retail finance loans targeted at women customers majorly in rural areas. It aims to provide timely and affordable credit to the country’s poor and low-income households. It was visualized by Mrs. Vinatha M. Reddy in December 1996, inspired by the book ‘Give Us Credit’ by Alex Counts, President and CEO, Grameen Foundation USA.
CreditAccess shares closed at Rs 562.50 apiece on BSE, down 0.12 percent from the previous close.
The second wave of the pandemic has left several families with poor financial conditions. With the fresh capital infusion, microfinance institutions like CreditAccess Gramin will be able to help such families with the proper financial resources.Shishir Gupta, Founder and CEO, StartupLanes
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