Chennai, Jan 10 (IANS): Non-banking finance company (NBFC) Cholamandalam Investment and Finance Company Ltd on Friday said it has raised Rs 4 billion from CDC Group Plc UK through rupee denominated masala bonds.
In a statement issued here, Cholamandalam Investment said it is the company's maiden masala bond issue which may be listed on London Stock Exchange and other international stock exchanges in the future.
Masala Bonds are bonds issued outside India but denominated in Indian rupees.
The CDC Group is the United Kingdom's Development Finance Institution.
According to Arun Alagappan, Managing Director of Cholamandalam Investment, the CDC's investment in masala bonds will support the extension of loans to driver-turned-owners and micro and small enterprises in underserved rural and semi-urban areas of India.