Paisalo Digital Ltd., a non-banking financial company, on Friday said it has raised the first tranche of $50 million through the issuance of secured foreign currency convertible bonds.
This is the first event of FCCB issuance from Paisalo Digital, and it will be executed following applicable external commercial borrowing guidelines prescribed by the Reserve Bank, the NBFC said in a release.
The company aims to raise up to $75 million through FCCBs in one or more tranches.
The issuance of FCCBs aims to fortify the company's capital base, borrowing profile and support its ongoing business initiatives.
"The issuance of our first FCCB marks a pivotal step in bolstering our borrowing profile and accelerating growth," said Santanu Agarwal, deputy Managing Director of Paisalo Digital.
The FCCBs will be issued at a coupon rate of 7.5% and have a maturity period of five years (due in 2029).
The company said it saw good participation from global fixed-income funds and prominent international credit funds.
Paisalo said it has so far serviced over 65 lakh customers and has 3,275 touch points across 22 states in the country.
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