Microfinance institution(MFI) Ujjivan Financial Services Pvt Ltd, that focuses on the urban poor, has raised another Rs 32 crore ($7.2 million) through an issue of non-convertible debentures (NCDs). The new issue comes after the MFI raised Rs 23 crore via the same route last month, taking the total issue size to Rs 55 crore.
Standard Chartered Bank is the sole book runner and lead arranger of the issue.
VCCircle had reported last month that Bangalore-based microfinance firm Ujjivan is also planning to raise around $25 million through equity funding in the coming months. Ujjivan had also raised another Rs 85 crore through NCD issues earlier this year.
“We are pleased with the completion of this NCD transaction. This amount, along with Rs 23 crore raised last month, will provide us a valuable funding of Rs 55 crore at a critical time,” said Samit Ghosh, managing director & CEO of Ujjivan.
Ujjivan, a partner of the Grameen Bank in Bangladesh, also raised Rs 17.3 crore through its first securitisation transaction in May this year.
Founded by Samit Ghosh, Ujjivan is headquartered in Bangalore, with offices in Kolkata, New Delhi and Pune. As of March, 2011, it operates a network of 351 branches across 20 Indian states. Ujjivan has a portfolio of Rs 625.14 crore and in FY11, it has disbursed loans worth Rs 1,141 crore. The firm has reported a net profit of Rs 11.4 crore and a total income of Rs 108.8 crore in FY11.
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