Northern Arc facilitates $29.7m debt for India's Asirvad Microfinance

Northern Arc facilitates $29.7m debt for India's Asirvad Microfinance

Photo: Reuters

Indian debt financier Northern Arc Capital announced on Monday that it has facilitated external commercial borrowing (ECB) worth $29.74 million (close to Rs220 crore) for Asirvad Microfinance, a subsidiary of Manappuram Finance Ltd.

The ECB was subscribed by Germany-based social impact fund Invest in Visions GmbH, which was advised on the transaction by investment manager Agents for Impact GmbH. The funds will be disbursed to Asirvad in three stages, of which €5 million has already been disbursed, Northern Arc Capital said in a statement.

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