Fullerton India raises Rs 450 Crore funding from International Finance Corporation (IFC)

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Capital Market
Last Updated : Jun 30 2015 | 5:13 PM IST
Fullerton India, one of the leading Non-Banking Financial Companies, has raised Rs 450 Crore from International Finance Corporation (IFC), part of the World Bank Group. These funds are raised through the subscription of secured non-convertible debentures (NCDs), with an average maturity period of 5 years. These NCD's are rated, listed and tradable on the National Stock Exchange.

Fullerton India is committed to support the initiatives towards financial inclusion and has taken consistent strides towards environmentally sustainable lending and job creation. Given Fullerton India's increased focus on lending to the underserved sections including both rural and urban micro lending, this additional funding will enable the company to cater to the further growth and expansion of the SME and MSME business.

Commenting on the development, Mr. Shantanu Mitra, Managing Director & CEO, Fullerton India said, Credit availability for the micro and small and medium enterprises segment in India has always been a challenge. We at Fullerton India strongly believe in the immense growth potential of the SME and MSME segment and are well equipped to extend our lending services by way of our wide network of 443 branches. This funding will further aid in expanding our business and diversification of our portfolio to cater to this segment

Fullerton India, in its annual financial results for FY2015 achieved 60% increase in profits while the Assets Under Management grew by 39%. The company currently employs almost 7500 employees with nearly 60% of the workforce serving their rural business as of today. Servicing a customer base of over one million, Fullerton India's product portfolio includes Loans against property, SME and Business Loans, Commercial Vehicle and Two-wheeler Loans, Personal Loans, Rural Livelihood Loans and Rural Mortgage.

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First Published: Jun 30 2015 | 4:21 PM IST

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