Paisalo Digital Limited raises the first tranche USD 50 million through Foreign Currency Convertible Bonds (FCCBs)
Mumbai, December 10, 2024: Paisalo Digital Limited, a leading Non-Banking Financial Company (NBFC), today announced that it has raised the first tranche of USD 50 million through the issuance of Secured Foreign Currency Convertible Bonds (FCCBs). This is the first event of FCCB issuance from Paisalo Digital Ltd., and it will be executed following applicable External Commercial Borrowing (ECB) guidelines prescribed by the Reserve Bank of India (RBI). The issuance of FCCBs aims to fortify its capital base, borrowing profile and support its ongoing business initiatives. This strategic move underscores Paisalo’s commitment to accelerating growth and maintaining financial resilience in an evolving market landscape.
The FCCBs will be issued at a coupon rate of 7.5% and have a maturity period of 5 years(due in 2029). This strategic move underscores Paisalo’s commitment to accelerating growth and maintaining financial resilience in an evolving market landscape. The Company saw good participation from global fixed-income funds and prominent international credit funds.
The funds raised through the FCCB issuance will fuel the enhancement of Paisalo’s vision of empowering India’s vast, under-banked population through accessible and inclusive financial solutions.
Mr Santanu Agarwal, Deputy Managing Director of Paisalo Digital Limited, stated, “The issuance of our first FCCB marks a pivotal step in bolstering our borrowing profile and accelerating growth. We are committed to driving innovation and transforming the financial services landscape, strongly focusing on empowering under-banked India and fostering inclusive growth.”
This initiative reflects Paisalo’s mission to create impactful solutions to bridge the credit gap and drive nationwide inclusive growth.