Grameen Financial Services Private Limited (Grameen Koota), an Indian microfinance institution (MFI), recently raised INR 25 crore (USD 5 million) in debt funding through the issue of secured, redeemable, non-convertible debentures (NCDs). Financing of these NCDs will be completed through funds advised by responsAbility Social Investments, a Swiss investment company. Unitus Capital, an India-based advisory firm, served as advisor to Grameen Koota in the transaction. A similar issue of INR 35 crore (USD 8 million) in NCDs was made to Grameen Koota by responsAbility in February 2011.
Grameen Koota operates in the Indian states of Maharashtra, Karnataka and Tamil Nadu and offers products and services such as microloans, vocational training loans, workshops and educational centers. As of year-end 2010, Grameen Koota reports total assets of USD 65 million, a gross loan portfolio of USD 56.4 million and 321,161 active borrowers. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion.
By Charlotte Newman, Research Associate
About Grameen Financial Services Private Limited
Grameen Financial Services Private Limited (GFSPL), popularly known as Grameen Koota, was founded in India in 1999 as a project under the nongovernmental organization T Muniswamappa Trust and has since become an independent non-banking financial company (NBFC). GFSPL operates in the Indian states of Maharashtra, Karnataka and Tamil Nadu and offers products and services such as microloans, vocational training loans, workshops and educational centers. As of year-end 2010, GFSPL reports total assets of USD 65 million, a gross loan portfolio of USD 56.4 million and 321,161 active borrowers.
About responsAbility Social Investments
Founded in 2003, responsAbility Social Investments AG is a Swiss investment company whose products aim to enable investors to earn a financial return while assisting people in emerging markets to access information and markets in sectors such as microfinance, small and medium-sized enterprise (SME) financing, fair trade and independent media. As of September 2011, responsAbility reported total assets under management of approximately USD 1 billion. responsAbility is backed by Swiss financial institutions and a social venture capital company as founders and shareholders including Baumann & Cie, Banquiers, Credit Suisse, Raiffeisen Schweiz, Swiss Re, Bank Vontobel AG as well as George Avenue.
Sources and Additional Resources:
Press Release sent from Unitus Capital to MicroCapital.org: “Grameen Koota Raises INR 25 CroresThrough Non-Convertible Debentures.”
MicroCapital.org story, May 1, 2012, “MICROCAPITAL BRIEF: Microfinance Growth Slows in Andhra Pradesh, Quickens in Other Indian States,” https://www.microcapital.org/microcapital-brief-microfinance-growth-slows-in-andhra-pradesh-quickens-in-other-indian-states/
MicroCapital.org story, February 8, 2011, “MICROCAPITAL BRIEF: Indian Microfinance Institution Grameen Koota Raises $8m through Nonconvertible Debentures,” https://www.microcapital.org/microcapital-brief-indian-microfinance-institution-grameen-koota-raises-8m-through-nonconvertible-debentures/
MicroCapital Universe Profile: Grameen Financial Services Private Limited
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Financial+Services+Private+Limited
MicroCapital Universe Profile: responsAbility Social Investments
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=responsAbility
MicroCapital Universe Profile: Unitus Capital
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Unitus+Capital
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