Asirvad Microfinance Ltd. Raises securitises loans worth Rs. 262 crore
Chennai, 23 June 2021.
Asirvad Microfinance Ltd., India’s 4th largest NBFC MFI and a subsidiary of Manappuram Finance Ltd., has secur itised (by direct assignment) microfinance loans worth Rs.262 crore in a deal with a leading public sector bank in India.
The announcement comes at a time when the microfinance sector in India has faced higher stress from lockdowns imposed after the onset of the second wave of the pandemic.
Earlier in May 2021, the company has raised US$ 15 Million Loan from WorldBusiness Capital Inc. based in Hartford, Connecticut (USA).
In a statement Mr. Raja Vaidyanathan, MD of Asirvad Microfinance Ltd., said, “This deal, following closely on the heels of an ECB transaction with the US based WorldBusiness Capital, reaffirms the confidence that leading lending institutions have in India’s microfinance sector and its prospects for growth.”
Proceeds from the loan availed will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas to start and expand their income-generating business.
About Asirvad Microfinance Limited
Asirvad Microfinance Limited (www.asirvadmicrofinance.co.in) established in 2007 and headquartered in Ch ennai, India, is licensed and regulated by the Reserve Bank of India as a Non-Bank Finance Company-Micro fi nance instit ution (NBFC-MFI). Acquired by Manappuram Finance Ltd. in 2015, it is the fourth largest MFI in In dia today. The company is engaged in the pursuit of empowering and fulfilling aspirations of millions who are excluded from the formal financial system. Providing loans to approximately 2.6 million women borrowers, Asi rvad’s 7,000 employees service clients at more than 1,000 branches in 23 states in India.
