MicroInvest has subscribed to redeemable NCDS of Grameen Financial Services Pvt Ltd worth $4.27mn.
Unitus Capital was the sole adviser to the transaction.
The NCDs are listed on BSE, making Grameen the first MFI to be listed on BSE.
MicroInvest is a US-based microfinance investment vehicle that provides debt and equity capital to microfinance institutions in emerging markets, and the fund is registered as a foreign institutional investor (FII) with the SEBI.
Last month Grameen Koota raised Rs 27.5cr from MicroVentures Investments, Incofin and Aavishkaar Goodwell(India) in its second round of funding. Earlier too Grameen had raised Rs 11.70cr from Aavishkaar Goodwell.
Grameen Koota has Rs 185cr under management and a client base of over 3.3 lakh spread across 33 districts in Karnataka, Maharashtra and Tamil Nadu. It also targets to expand its reach to 20 lakh households across Madhya Pradesh, TN and Andhra Pradesh by 2012.
In may 2009, SKS Micro-finance had raised Rs 75cr and Spandana Sphoorty Financial had raised Rs 80cr through the issue of NCDs.
Source: Microfinance Focus
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24534
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