IFC to invest up to Rs. 1000 Crore in Bajaj Finance via NCDs

IFC Investment The private lending arm of the World Bank, IFC (International Finance Corporation), is looking to invest up to 1,000 Cr (Approx) in Bajaj Finance Ltd, as per announcement by IFC. The International Finance Corpn will buy Bajaj Finance’s non-convertible debentures (NCDs), and the proceeds of the fund-raising will be utilized to lend to micro small & medium enterprises. The proposals are part of IFC’s strategic target to finance 10 million micro small and medium enterprises during the fiscal 2017-21.

Earlier, In July 2016, Bajaj Finance had raised Rs. 490.00 crore by selling NCDs on a private placement basis. Bajaj Finserv is the holding company for the businesses managing the financial services of Bajaj Group. The group is actively involved in automobile manufacturing and financial services.