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Chola Investment to raise $222 mn debt from IFC, others

IANS  |  Chennai 

City-based non-banking company (NBFC) and Company Ltd on Wednesday said it has entered into an agreement to raise $222 million debt from the Corporation (IFC) and others.

According to Cholamandalam Investment, the company will raise $222 million debt funds in the form of US dollar bonds from ($92 million), ($50 million), ($50 million), PJSC ($20 million), and ($10 million).

The debt raising is being anchored by IFC, which is the private financing arm of the

By bringing in foreign banks as investors, is helping Cholamandalam Finance diversify its funding sources.

This is the company's first US dollar-syndicated deal since January 2019, when the permitted NBFCs to tap into the offshore credit market.

"Supporting productive asset financing NBFCs is part of our financial inclusion strategy because it offers income opportunities and an escape from poverty to low-income households," said Jun Zhang, Country Head,

"Cholamandalam's wide reach amongst small road transport operators and MSMEs makes it the right partner for us to reach these underserved segments," he added.

Cholamandalam Investment's core business is in providing commercial and loan against properties. The company has recently forayed into affordable housing loans for low-income customers.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 29 2019. 18:50 IST
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