28 Jun 2023 , 02:50 PM
CreditAccess Grameen shares rose for the second consecutive session in Wednesday’s morning session, a day after the company announced a $200 million external commercial borrowing agreement, the first in the country’s microfinance industry and the fourth in India.
At around 2.37 PM, CreditAccess Grameen was trading 1.73% higher at Rs 1,350 apiece, against the previous close of Rs 1,327.10 on NSE. The counter touched an intraday high of Rs 1,378.35.
In an exchange filing on June 27, the country’s largest Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) said it signed a syndicated social loan facility of up to $200 million, qualifying as ECB under the Reserve Bank of India’s automatic route.
The company has drawn $100 million, with the remainder to be drawn over the next few months.
The $160 million was raised from 12 banks, with 25% coming from Taiwanese banks, 28% coming from Middle Eastern lenders, including the lead arranger Standard Chartered Bank, and the rest coming from foreign branches of Indian banks.
CreditAccess Grameen, headquartered in Bengaluru, primarily provides micro-loans to women customers, primarily in rural areas. It has 1,786 branches in 14 states, including Karnataka, Maharashtra, Tamil Nadu, Gujarat, Rajasthan, Uttar Pradesh, and West Bengal, as well as one union territory (Puducherry).
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