Chola Finance raises Rs 400 cr tier-II debt from CDC Group

Chennai

This is CIFCL’s maiden Masala Bond issue which may be listed on London Stock Exchange or any other international stock exchanges in future.

Incorporated in 1978, CIFCL offers vehicle finance, business and home loans. It has over 1,000 branches across India, with a diversified loan portfolio spanning 1.2 million customers. CIFCL caters to small and medium road transport operators for new and used commercial vehicles with over 50% of the portfolio in low income states.

Arun Alagappan, MD, CIFCL, said, “CDC and CIFCL have joined hands to address the business credit requirements of small and medium road transport operators and MSME customers.”

“CDC’s investment in CIFCL’s 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.”

Srini Nagarajan, CDC’s Md and Head of Asia, said “CDC has been investing in India for over 30 years and we look forward to the start of a productive long-term relationship with CIFCL.”

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