CreditAccess Grameen Board Nods Further Investment In Madura Micro Finance Up To Rs 250 cr

CreditAccess Grameen nods further investment in Madura Micro finance up to Rs. 250 cr.

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.

Hufriz Wadia of AZB & Partners advised CreditAccess Grameen Limited, an NBFC-MFI on its INR 1.65 Billion Tier II Capital infusion in its subsidiary Madura Micro Finance Limited by way of subordinate debt to further augment its capital adequacy ratio.

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