Northern Arc Capital Raises USD 75 Million Debt from FMO
Jun 25, 2024 15:27
Northern Arc Capital secures USD 75 million debt from Dutch lender FMO, boosting its portfolio to USD 125 million. Funds will be used for retail micro-loans, MSME loans, and green loans.
Mumbai, Jun 25 (PTI) Non-bank lender Northern Arc Capital on Tuesday announced that it has raised a debt of USD 75 million (around Rs 620 crore) from Dutch entrepreneurial development bank FMO.
The money is raised through issue of senior secured, listed Non-Convertible Debentures (NCDs), according to a statement.
The transaction takes the overall exposure of the lender from the instrument to USD 125 million, the statement said.
It had raised around USD 40 million raise from IFC earlier in April.
The funds raised will be deployed in retail micro-loans, MSME loans, and green loans, the statement said, adding that this will also help in the wish to fostering inclusive economic growth and environmental sustainability.
The company aims to create a cascading effect that promotes sustainable economic growth and financial inclusion, its managing director and chief executive officer Ashish Mehrotra said.
The debentures will be listed on the BSE and have a tenure of five years.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.