Fullerton India raises Rs 450 Crore from International Finance Corporation

Non-banking financial company, Fullerton India, has raised Rs 450 crore from International Finance Corporation, a part of the World Bank Group through non-convertible debentures (NCDs).

"Fullerton India, one of the leading non-banking financial companies, has raised Rs 450 Crore from International Finance Corporation (IFC), part of the World Bank Group. These funds are raised through the subscription of secured non-convertible debentures (NCDs) with an average maturity period of 5 years," the company said in a statement. The bonds will be listed on the National Stock Exchange, the statement added.

According to PTI, Fullerton India MD and CEO Shantanu Mitra said, "We strongly believe in the immense growth potential of the SME and MSME segment and are well equipped to extend our lending services by way of our wide network of 443 branches. This funding will further aid in expanding our business and diversification of our portfolio to cater to this segment."

The company currently employs almost 7,500 employees with nearly 60 per cent of the workforce serving its rural business as of today. Fullerton India's product portfolio includes loans against property, SME and business loans, commercial vehicle and two-wheeler loans, personal loans, rural livelihood loans and rural mortgage.

Image Credit : Shutterstock