Bangalore headquartered microfinance company, Grameen Financial Services Private Limited(GFSPL) popularly known as Grameen Koota, has raised $2 million subordinated debt through rated, unsecured, redeemable, non-convertible debentures NCDs from Global Commercial Microfinance Consortium II B.V., Netherlands, a Fund managed by Deutsche Bank.
The NCDs follow the Rs 25 Crore worth NCDs issued by GFSPL earlier in June 2012 through responsAbility Social Investments AG (responsAbility).
In November 2012, Grameen Koota also successfully completed rollover of $7 million from DWM. Both the NCDs are listed on the Bombay Stock Exchange.
“This is the first time an Indian MFI has secured sub-debt from an international financial institution. This funding will help us in increasing lending of income generating loans to our clients and also qualifies as tier II capital” said Suresh Krishna, Managing Director, Grameen Koota.