CreditAccess Grameen raises Rs 71cr by issuing bonds to Global Access Fund

CreditAccess Grameen on Thursday said it has raised Rs 71 crore by issuing bonds to Global Access Fund LP.

The board of directors of the company, in its meeting held on April 22, has considered and approved issuance of 710 secured, redeemable, transferable con-convertible debentures (NCDs) of face value of Rs 10 lakh each, aggregating up to Rs 71 crore to Global Access Fund LP, CreditAccess Grameen said in a regulatory filing.

The tenure of the bonds is 36 months and 15 days (from the date of allotment).

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The bonds bear coupon rate of 9.90 per cent per annum. Interest on the bonds will be paid quarterly each year until maturity date in May 2024, it said.

Bengaluru-headquartered CreditAccess Grameen is engaged in providing micro and retail finance loans focused on women customers predominantly in rural areas.

CreditAccess shares closed at Rs 562.50 apiece on BSE, down 0.12 per cent from the previous close.