CreditAccess Grameen board nods further investment in Madura Micro Finance up to Rs250cr

CreditAccess Grameen board nods further investment in Madura Micro Finance up to Rs250cr

The Board of Directors at their meeting on December 21, 2021, have considered and approved further investment in MMFL.

CreditAccess Grameen Ltd has announced to the exchanges regarding investment in Madura Micro Finance Limited company.

As per regulatory filing, based on the approval of the Shareholders at the 30th Annual General Meeting held on July 30, 2021, with regard to further investment by the Company in Madura Micro Finance Limited (MMFL), a Material Subsidiary, up to an aggregate sum of Rs250cr, the Board of Directors at their meeting on December 21, 2021, have considered and approved further investment in MMFL in the form of Subordinate Debt or Perpetual Debt Instruments (PDIs) or both, up to Rs250cr, in tranches, in order to support capital adequacy requirement of MMFL.

AZB & Partners led by Partner Hufriz Wadia advised CreditAccess Grameen Limited.

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