CreditAccess Grameen shares surged over 3 percent in Wednesday's trading session on securing USD 100 mn multi-currency syndicated social loan facility. The non-bank microfinance institution qualified as an External Commercial Borrowing (ECB) under the automatic route of the Reserve Bank of India (RBI).
Shares of CreditAccess Grameen advanced 4.38 percent to an intraday high of Rs 1,249 per share on the NSE. Later it trimmed some of its gains to trade at Rs 1,235.7, up 3.27 percent at around 10 AM.
This ECB facility is the first of its kind in India's microfinance sector, comprising Japanese Yen (JPY) and United States Dollar (USD) currencies, predominantly raised from banks in South Asia and the far east, CreditAccess Grameen said in a statement.
The social loan would adhere to CA Grameen's Social Loan Framework, which aligns with the social loan principles 2023, stipulating the use of proceeds, social development goals, and governance, according to the Loan Market Association, reported PTI.
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