The bond-sale has opened for subscription Thursday. The size could vary depending on investor response, dealers said. Proceeds would be used for expanding loan book
The rating given is Baa3, which is same as India's sovereign rating.
Grameen Koota managing director Udaya Kumar told ET that it received Rs 50cr in form of fresh equity and the balance Rs 200cr in the form of compulsory convertible debentures.
Digital transactions are expected to grow three times to Rs 2500 crore from Rs 800-1000 crore over next few years with a lot of innovation & disruption in this area.
Ministry officials are slated to meet top bankers Friday to discuss the one-off mechanism, the chief executive of a private bank told ET.
The investment is through the IFC Startup Catalyst program and is intended to support local innovation and entrepreneurship.
This is a serious blow to the Ramesh Ramanathan led small finance bank licensee, which is yet to receive the final go-ahead from Reserve Bank of India.
Corporates and non-banking finance companies can raise capital by issuing non convertible debentures or NCDs while banks are not allowed to do so.
India and China are the largest digital markets in the world, and Reliance Capital intends to 'go digital' in all its businesses to serve the new age customers, said Anmol Ambani.
Out of the 92,000 activities carried out by these loacl bodies using central government grants, 54% was on transport, 23% on water and sanitation, and 20% on public buildings.
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