Indian lender Capri Global Capital Ltd. is exploring its maiden dollar bond to raise between $200 million and $300 million, according to people familiar with the matter, as the country's non-bank finance companies increasingly borrow to meet growing demand for credit.
The company is in the process of seeking credit ratings and has held talks with banks for the transaction, according to people familiar with the matter, asking not to be identified as discussions are private. The debt's likely tenor is three years, though mandates have not yet been formally announced and the terms are subject to change, they said.
Deutsche Bank AG, Barclays Plc and Citigroup Inc. are among the banks appointed for the deal, and proceeds would finance on-lending as Capri Global looks to diversify funding sources to grow its loan book, the people said. The deal is expected in March or April, but timing depends on the ratings process and borrowing costs, they added.
The country's non-bank finance companies are expected to drive issuance in the domestic market going forward as lenders tap capital markets to meet credit growth, according to a note by ICRA Ltd. Dollar bond sales by Indian borrowers dipped to $8.4 billion in 2025 compared with $13.3 billion a year earlier, according to data complied by Bloomberg.
Spokespeople for Barclays, Deutsche Bank and Citi declined to comment. Capri Global did not immediately reply to a Bloomberg email seeking comment.
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