SKS Microfinance raises $21.6 million via NCD route

Microfinance Focus — Tue, 23 Feb 2010 05:02:55 +0000

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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Max New York Life bags Asia Insurance Industry Award for serving the underserved

Microfinance Focus — Wed, 11 Nov 2009 11:50:32 +0000

Microfinance Focus, Nov. 11, 2009: Max New York Life Insurance Company Limited, one of India’s leading life insurance companies, won the coveted Asia Insurance Industry ‘Innovation of the Year ‘ Award 2009 instituted by Asia Insurance Review. Max New York Life has been recognized for an innovative new insurance product that untaps the potential offered by the millions of uninsureds in the country, said the report published by Asia.

“There are over 115 million people in India with limited access to insurance and savings products. Max New York Life has recognized the need for protection and savings and the untapped potential of the underserved millions in the country. Breaking free of the existing paradigms in insurance, Max Vijay has proven to be innovative in product and distribution”, the judging panel said.

Max Vijay was launched in October 2008 and it has been able to provide financial inclusion to over 75,000 underserved households touching over 3.5 lakhs lives.

Mr. Rajesh Sud, CEO & Managing Director, Max New York Life, received the award at a ceremony in Singapore attended by representatives of insurance and re-insurance communities, from around Asia.
Receiving the award, Mr. Rajesh Sud, CEO & Managing Director, Max New York Life Insurance Co. Ltd, said: “We feel proud and are honored to accept this prestigious award as it acknowledges Max New York Life’s honest endeavor to reach out to the underserved segment in India. All efforts are also being made to serve the underserved, by making Max Vijay easily accessible to the customers at their doorstep. We are delighted to be acclaimed as a discerning life insurance company”.

“Such recognition is an immense source of delight and clearly establishes Max Vijay as a novel and innovative initiative, which combines global standards in life insurance with social objectives through innovation in product, distribution, marketing, and service delivery.” he further added.Related Posts:

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Microfinance News » insurance

SKS Microfinance raises $21.6 million via NCD route

Max New York Life bags Asia Insurance Industry Award for serving the underserved