India: SKS Microfinance Raises US$22Mln via Non-convertible Debentures

SKS Microfinance, India's largest microfinance player in terms of assets, has raised INR1 billion. The MFI raised INR500 million by issuing non-convertible debentures to insurance major Bajaj Allianz Life Insurance Company and raised INR500 million by issuing commercial papers in two equal tranches to Religare Asset Management Company.

"Both these transactions, subscription to non-convertible debentures of SKS by an insurance company and also debt placement with a mutual fund marks the coming of age of microfinance as an asset class and should help SKS to diversify the sources basket," said Dilli Raj, chief financial officer, SKS Microfinance.

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