i nc lu s i ve f i nanc e i nd i a re port 2014
108
been sympathetic to innovations like the partnership
model of the mid 2000s. It has allowed raising of capital
through ECB route and been liberal with respect to
equity investments in microfinance.
Equity investments continue to be reported by MFIs
in 2013–14. We have compiled information relating to
11 investment deals involving as many MFIs between
April 2013 and July 2014. These investments add up to
Rs. 7.48 billion (Table 4.22). A range of overseas and do-
mestic investors bought stakes in the MFIs through these
deals, while some have divested theirs. In a few cases, the
MFIS used non-convertible debentures (NCD) to raise
equity. For instance, Ujjivan, Bandhan, Utkarsh and
Grameen Koota raised about Rs. 2.76 billion through
NCDs (
.
SKS was the most active on the securitization front.
During 2013–14 it completed 12 securitization deals
worth Rs. 16.46 billion
19
. As per MFIN data, its
members have done securitization/asset sales worth
Rs. 5.14 billion during 2013–14, which is 54 per cent
more than the previous year. This works out to be
18 per cent of the overall portfolio size of NBFC-MFIs
TABLE 4.22
Equity Infusion in MFIs—April 2013 to July 2014
Month of
announcement
MFI name
Size of equity infusion
(Rs. Billion)
Investors
April 2013
Satin Credit Care Network
Limited
0.31
Microvest II
Shore Cap II Ltd.
Danish Microfinance Partners K/S
April 2013
Utkarsh
0.20
Aavishkar Goodwell
IFC
Incofin Investment Management
August 2013
Janalakshmi Financial Services
Pvt. Ltd.
3.50
Morgan Stanley Pvt. Equity Asia
Tata Capital Growth Fund
QRG Enterprises
Citi Venture Capital
India Financial Inclusion Fund
Vallabh Bhanushali
October 2013
Arohan
0.22
Aavishkar Goodwell II
Michael & Susan Dell Foundation
Swaminathan Anklesaria Aiyar
November 2013
Ananya Finance
0.18
WWB ISIS Fund
IDBI
December 2013
Equitas
0.996
CDC Group
March 2014
Annapurna Microfinance Private
limited
0.30
Incofin Investment Management’s Rural Impulse
Fund I
Belgian Investment Company for Developing
Countries (BIO)
April 2014
Satin Creditcare Network Limited
0.2844
Norwegian Microfinance Initiative (NMI) Fund
III KS
May 2014
Grameen Financial Services Ltd
(Grameen Koota)
0.80
Micro Ventures
June 2014
Suryoday
0.27
IFC
Aavishkar
Lok Capital
July 2014
RGVN
0.418
NMI
Oiko credit
All
7.4784
Source
:
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