Ujjivan Financial Services (P) Ltd.
Ujjivan Raises Rs.40 Crores through Non-Convertible Debentures
Date : 14.1.2015. Bangalore-headquartered Ujjivan Financial Services, a leading microfinance institution with pan-India presence, has raised INR 40 Crores of debt capital through issuance of listed, secured, redeemable, non-convertible debentures (NCDs) to Oikocredit .
The NCDs are listed on the Bombay Stock Exchange and have been fully subscribed.
Commenting on this second investment by Oikocredit , Samit Ghosh, Managing Director, Ujjivan, said,” We appreciate Oikocredit’s continued support and commitment to the social sector and look forward to and deepening our relationship. “
Speaking on the transaction, Florian Grohs, Credit director at Oikocredit said, “Oikocredit supports solid businesses with strong social impact and we have found this ideal combination in Ujjivan. We are glad to further strengthen our partnership and hope our support will help Ujjivan reach underserved communities.”
The transaction reiterates Ujjivan’s inherent strength of robust operations, excellent growth and diversified sourcing avenues. On the backdrop of a successful FY 2013-14, Ujjivan has posted excellent growth and profitability in the first three quarters of the current fiscal year.
Ujjivan Financial Services, a microfinance institution (MFI), started operations in Bangalore in 2005 and serves over 2 Million urban and semi-urban customers in 24 states across India with over 6500 employees at 423 branches. It has disbursed loans of over Rs.9800 Crores with a repayment rate of over 99%.Ujjivan runs a robust financial literacy program and other initiatives in collaboration with sister non-profit organization Parinaam Foundation.
Oikocredit is a worldwide cooperative and social investor, providing funding to the microfinance sector, fair trade organizations, cooperatives and SMEs with its registered office in Amersfoort, the Netherlands. Oikocredit is guided by the principle of empowering people and presently working in over 60 countries through 811 partners.