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Mutual Funds in India Invest $157M in Secured Debentures of Microfinance Institutions
Several mutual funds based in India, including Industrial Credit and Investment Corporation of India (ICICI) Prudential Mutual Fund, Housing Development Finance Corporation (HDFC) Mutual Fund, Kotak Mutual Fund, Reliance Mutual Fund and State Bank of India (SBI) Mutual Fund, recently invested in secured debentures issued by several Indian microfinance institutions (MFIs). The issuers include Equitas Microfinance (Equitas); Janalakshmi Financial Services (JFS); SKS Microfinance (SKS) and Ujjivan Financial Services (Ujjivan). Although the individual transaction amounts are not available, the investments by the mutual funds total approximately INR 10 billion (USD 157 million). The debentures bear coupon rates of 11.5 up to 13 percent, approximately 3 to 4 percent above than highly rated securities issued by other Indian companies. The securities are backed by receivables and fixed assets owned by the MFIs.
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- Uncategorized
- Region
- South Asia
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Chivas Regal’s Search for World’s Most Promising Social Entrepreneurs Splits $1 Million Prize Among Five Enterprises
The Venture, Chivas Regal's global search for the world's most promising social entrepreneurs, rewarded all five finalists the remaining share of the $1m fund at the final pitch event on Friday evening. The announcement came after the five finalists pitched the potential of their start-up to create transformative social change to an expert judging panel that included actor and social entrepreneur Adrian Grenier. Algramo from Chile was awarded the largest share of the fund, receiving $300,000 to further develop the pioneering food distribution enterprise.
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Is Bitcoin a Powerful New Friend to the World’s Poor? Some Funders Hope So
A recent Gates Foundation grant was a big milestone for the Bitcoin movement.
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- Uncategorized
- Tags
- digital payments
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President Obama a Fan of M-PESA, Kenyan Innovation
US President Barack Obama has endorsed Kenya's innovation powerhouse status and regional economic might during the opening of the 6th Global Entrepreneurship summit.
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- Uncategorized
- Region
- Sub-Saharan Africa
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The battle between Africa’s mobile phone companies and banks is a boon for financial inclusion
Now banks are not only trying to compete in this space but also offer new products that promise access to banking services to those who up until this point were excluded.
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- Uncategorized
- Region
- Sub-Saharan Africa
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Bitcoin companies move ahead in Africa
Efforts to get Bitcoin off the ground in Africa received a boost this week as BitX announced it has raised $4 million in funding.
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- Uncategorized
- Region
- Sub-Saharan Africa
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PRESS RELEASE: New Alliance Launched to Examine Global Accelerators
$2.3 million committed to improving the effectiveness of accelerator programs through research and analysis.
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- Uncategorized
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Grameen Koota Reaches Milestone With 1 Million Microfinance Customers
Bangalore-based NBFC –MFI, Grameen Koota Financial Services Pvt Ltd (Grameen Koota) has reached a new milestone of 1 million microfinance customers, in a testimony to its strong client-centric approach aimed at providing holistic financial and social services.
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- Uncategorized
- Region
- South Asia
- Tags
- lending, microfinance
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