Shriram Finance raises USD 500mn via ECB, BFSI News, ET BFSI
New Delhi, NBFC Shriram Finance Ltd (SFL) on Thursday stated it has raised about USD 500 million (about Rs 4,300 crore) by means of External Commercial Borrowing (ECB) to fund enterprise development. This transaction represents the biggest SACE-covered mortgage facility raised by an NBFC in India, reinforcing SFL’s place as a frontrunner in offshore fund elevating and its means to diversify funding sources strategically, in accordance with a press release.
SACE is an Italian export credit score company managed by the Ministry of Financial system & Finance, Italy.
This 10-year-long tenor facility is backed by SACE and underlines a robust international partnership aimed toward selling the financing of Italian automobiles, each new and used, underneath the NBFC’s Social Finance Framework, the corporate stated in a press release.
The transaction noticed participation from main international monetary establishments, together with HSBC, Deutsche Financial institution, KfW IPEX-Financial institution, ING Financial institution and J.P. Morgan, as Mandated Lead Arrangers and Lenders amounting to EUR 393 million and USD 100 million highlighting the sturdy confidence of worldwide lenders in SFL’s creditworthiness, it stated.
The corporate’s collaboration with SACE reaffirms its means to construction revolutionary funding options that align with its long-term enterprise technique, it added.
With this current transaction, it stated, SFL has secured over USD 2.50 billion in offshore funding within the present monetary yr, the very best by any NBFC in India in structured finance and sustainable funding initiatives.
“Our affiliation with SACE and main international banks reinforces the boldness that international monetary establishments have in SFL’s imaginative and prescient and operational energy.
“This facility not solely enhances our means to offer financing for Italian automobiles and gear but additionally strengthens our dedication to financial inclusion and financial growth,” the corporate’s government vice chairman Umesh Revankar stated.
