Asirvad Microfinance, a subsidiary of Manappuram Finance, said on Wednesday it has securitised microfinance loans worth Rs 262 crore in a deal with a public sector bank.
Raja Vaidyanathan, MD of Asirvad Microfinance, said, “This deal, closely on the heels of an ECB transaction with US-based WorldBusiness Capital, reaffirms the confidence leading lending institutions have in India’s microfinance sector and its prospects for growth.”
In May 2021, the company raised $15-million loan from WorldBusiness Capital, based in Hartford, Connecticut.
Proceeds from the loan availed will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas to start and expand their busineses, he added.