SKS Microfinance raises $21.6 million via NCD route

Microfinance Focus, Feb 23, 2010: Hyderabad-based SKS Microfinance has raised Rs 100 crore by issuing Non Convertible Debentures worth Rs 50o million to insurance major Bajaj Allianz Life Insurance Company Ltd. and commercial papaers worth Rs 500 million to Religare Asset Management Company in the last three months. SKS hopes to raise Rs 5,000 million this year.

SKS Microfinance has been on a fundraising exercise by assigning rated pool, its weaker section portfolio, issuance of NCDs, Commercial Papers and listed debt securities etc.

Sashi Krishnan, CIO, Bajaj Allianz Life Insurance Company Ltd., said, “We are delighted to invest in SKS. Bajaj Allianz supports the growth of the micro-insurance sector in India and one of the ways is to help the sector broaden its fund raising base to support its rapid growth.”

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