Asirvad Microfinance, a subsidiary of Manappuram Finance, had raised $15 million (around Rs 110 crore) in a seven-year external commercial borrowing loan from the US-based WorldBusiness Capital Inc (WBC).
Proceeds from the loan, availed under the external commercial borrowing (ECB) norms, will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas.
This loan is Asirvad's third long-term facility denominated in foreign currency from an international financial institution, the company added.
