Microfinance

Grameen Koota raises Rs 25 Crore through Non Convertible Debentures

Grameen Financial Services Pvt Ltd (GFSPL) has announced last week that it raised around Rs 35 crore (US$ 8 million) in debt funding through the issue of secured, redeemable, nonconvertible debentures (NCDs) to Developing World Markets (DWM). GFSPL is also known as Grameen Koota and has more than 450,000 clients , whom it services through it’s 200 branches.

grameen financial ncd

The Non Convertible Debentures (NCD’s) are listed on the Bombay Stock Exchange and will be fully placed with DWM (Cyprus) Limited. This NCD issue follows a similar Rs 20 crore NCD issue that Grameen Koota had closed in January 2010 and which was placed with MicroVest. Grameen Koota has been backed by various private equity funds, which include Aavishkaar Goodwell, Incofin and MicroVest. Unitus Capital was the sole financial advisor and arranger for the NCD issue.

Last month , Developing World Markets had invested Rs 40 crore in an NCD deal with Ujjivan Financial Services.

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