CreditAccess Grameen Ltd, a rural-focused inclusive financing platform, has raised ₹425 crore through a private placement of non-convertible debentures (NCDs) to strengthen its funding base.
The fund raise comprised ₹325 crore of privately placed NCDs arranged by Nuvama Fixed Income Advisory and ₹100 crore of NCDs placed bilaterally with Bajaj Finance Ltd.
Strong investor response
The ₹325-crore issue was subscribed by Sundaram Finance (₹100 crore), Nuvama Wealth Finance (₹100 crore), Julius Baer Capital (India) (₹75 crore), Royal Sundaram General Insurance Company (₹25 crore) and Vivriti Fixed Income Fund (₹25 crore).
Launched with a base issue size of ₹200 crore, the offering attracted strong demand, prompting the company to exercise the ₹125-crore green-shoe option.
Funding strategy
The privately placed NCDs carry a tenure of two years with a fixed coupon of 9.25% per annum, payable quarterly.
The ₹100-crore NCDs placed with Bajaj Finance have a two-year tenure and carry a floating coupon of 9.15% per annum, payable monthly.
Leadership comment
“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,” CreditAccess Grameen Chief Financial Officer Nilesh Dalvi said.
We will continue to build on this momentum as we progress towards our 2028 funding architecture,” he said.