- A green-shoe option is available to raise an additional $40 million beyond the initial amount.
- The funds will be utilized for on-lending to microfinance borrowers, particularly targeting rural women and underserved communities.
- This initiative seeks to broaden access to financial services, promote economic participation, and support development in underbanked regions of India.
India, December 2024 – Annapurna Finance Private Limited (AFPL), a leading institution in Micro & SME Finance in India, has successfully raised $109.5 million via a syndicated social loan facility under the External Commercial Borrowing (ECB) framework. The transaction was exclusively arranged by Standard Chartered Bank (SCB).
The syndicated loan involved 10 prominent financial institutions from Southeast Asia, the Middle East, and Africa, structured under a Social Financing framework that was reviewed and validated by S&P Global. This funding initiative reflects Annapurna’s commitment to driving financial inclusion. The loan also includes a green-shoe option to raise an additional $40 million.
The funds will be directed towards on-lending to microfinance borrowers, with a focus on empowering rural women and underserved communities. This initiative aims to expand access to financial services, enhance economic participation, and support development in underbanked regions of India.
Gobinda Chandra Pattanaik, Managing Director of Annapurna Finance, commented, “This milestone is a significant achievement for Annapurna Finance. The participation of international financial institutions demonstrates strong confidence in our financial inclusion efforts. These funds will enable us to extend credit to rural and underserved communities, while also strengthening our long-term financial position and diversifying our funding sources.”
Submitted by PR Agency
