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Northern Arc Capital Ltd facilitates Rs 20cr for Samunnati

Press Trust of India  |  Chennai 

Non-company Northern Arc Capital Ltd, today said it has executed non-convertible debentures aggregating to Rs 20 crore by Samunnati Financial to build its product portfolio.

The deal was subscribed by Netherland-based fund ASN Microkredietpool, advised by Triple Jump BV, city-based Northern Arc Capital said in a statement.

For Samunnati Financial Intermediation and Services, the fund raised, is the first offshore investment and would be utilised to build its portfolio by financing the underserved small farmers and agri-enterprises.

"The agricultural is responsible for the livelihood of millions of rural households in Despite this, large parts of this critical sector have been outside the ambit of traditional finance," Northern Arc Capital, CEO, said.

"Northern Arc is pleased to have provided Samunnati funding through its own balance sheet as well as access to reputed global investors..," he added.

Chennai-based, Samunnati Financial Intermediation and Services offers financial intermediation, advisory and trade services to agriculture

It provides retail loans, micro-agri loans to small farmers, and working capital loans to community based organisations.

So far the company disbursed Rs 860 crore worth of credit.

Managing Director and of Samunnati Financial, Anil SG Kumar said the transaction was an important milestone in the company's growth story.

"It is encouraging to see the potential in Samunnati's business model and unique approach," he said.

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

First Published: Mon, June 11 2018. 15:15 IST