Leading development bank, FMO has invested in the latest NCD (non-convertible debentures) issuance of IFMR Capital. The issuance totalled INR 160 million and was rated A- by ICRA. This is IFMR Capital’s second successful NCD placement, the first NCD placement taking place in December 2011, totalling INR 360 million. Investment in IFMR Capital’s capital market issuance by FMO marks a huge milestone for the company since it is testimony once again to IFMR Capital’s commitment to working with institutions that impact low-income households and enabling access to capital markets for them.
FMO finances sectors that they believe have the highest long-term impact such as financial institutions, energy, housing and agri-business, food and water. In addition to supporting institutions that work towards achieving food security, affordable housing and energy, FMO focuses on financial institutions with long-term goals that can bolster their development markets and communities.
This investment is another milestone for IFMR Capital which recently concluded its first syndication effort in the affordable housing space and its first capital markets transaction in the small-enterprise finance segment, in addition to continuing to achieve strong volumes in its microfinance business.
“We are pleased that an institution with long term development objectives such as FMO continues to show strong confidence in IFMR Capital. We are hopeful that this partnership will set new benchmarks for institutions that impact low income households in critical areas such as consumer protection and governance.”, Sucharita Mukherjee, CEO, IFMR Capital, said, on having FMO on board as an investor.
