Muthoot Microfin Announces Closure of USD 113 Million ECB
FinTech BizNews Service
Mumbai, June 12, 2024: Muthoot Microfin Limited (NSE: MUTHOOTMF, BSE: 544055), a leading Indian microfinance institution has announced a significant update to its recent External Commercial Borrowing (ECB) initiative. The greenshoe portion of the ECB was oversubscribed from USD 25 Mn to USD 38 Mn and was participated by Union Bank of India (DIFC Branch), Bank of Bahrain and Kuwait B.S.C., Bank of India (DIFC Branch, Dubai), Mega International Commercial Bank Co. Ltd. (Labuan Branch).
This expansion in the greenshoe option comes after the successful initial raise of USD 75 million, which was solely arranged by Standard Chartered Bank, acting also as the Social Loan Coordinator. The development underscores the strong confidence international investors have in Muthoot Microfin’s growth and mission.
Mr. Sadaf Sayeed, CEO of Muthoot Microfin Limited, stated, "We are delighted to receive an overwhelming response to our ECB paper in the international market. The increased greenshoe amount is a testament to the faith and trust that global financial institutions have in our business and the social impact it is making. We are glad to receive the offer from marquee international names; it will help us diversify our source of funds further. This will bolster our efforts in deepening financial inclusion agenda by providing microfinance loans across geographies, promoting entrepreneurship among women, and fostering inclusive growth."
