Bajaj Allianz Life Insurance Company and Religare AMC have subscribed to these NCD’s
SKS Microfinance, India’s largest microfinance company has raised Rs 100 crore by issuing Non Convertible Debentures worth Rs 75 crore to insurance major Bajaj Allianz Life Insurance Company Ltd and another tranche of Rs 25 crore on February to Religare Asset Management Company.
The unique transaction has enabled the country’s first Non Convertible Debenture (NCD) issued by a microfinance institution to an insurance company. Both the NCDs and Commercial Papers are rated a high PR 1+ by CARE. The PR1 + rating indicates highest degree of safety with regard to timely payment of interest and principal on the instrument is strong.