CreditAccess Grameen boards OKs allotting NCDs worth Rs 60 crore

CreditAccess Grameen said that its board has approved the allotment of 600 non-convertible debentures on a private placement basis for an aggregate consideration of Rs 60 crore.

The board of the micro-financier has approved the allotment of 600 senior, secured, rated, listed, redeemable, taxable, transferable, principal protected market linked non-convertible debentures, each having a face value of Rs 10 lakh aggregating up to Rs 60 crore on private placement basis.

CreditAccess Grameen (CAGL) is a microfinance institution focused on providing micro-loans to women customers predominantly in rural areas across India.

The microfinance lender's consolidated net profit surged to Rs 139.56 crore in Q1 FY23 as against Rs 20.29 crore recorded in Q1 FY22. Total income jumped 23.2% to Rs 760.52 crore in Q1 FY23 from Rs 617.37 crore reported in the corresponding quarter previous year.

Shares of CreditAccess Grameen shed 0.20% to currently trade at Rs 986.25.

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