Shriram Finance's India Vehicle Finance raises $300M social bond in India for underserved transport operators and buyers.
Shriram Finance's special purpose vehicle, India Vehicle Finance, raised $300M via a first-of-its-kind social bond deal in India, targeting US investors. The bonds, with a 5.85% coupon, will fund loans for small transport operators and first-time buyers from underserved communities. The transaction is collateralized and received a rating equivalent to the sovereign, with various global banks participating in the deal.
March 19, 2024
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