Muthoot Microfin to raise $25 million from Swiss investor ResponsAbility

The first tranche of $15 million was executed on October 15 after receiving regulatory approval while the balance of $10 million is scheduled for execution in November, Muthoot Microfin's chief executive Sadaf Sayeed said. The effective cost of borrowing comes to 11.3%. The pricing is 500 basis points over the secured overnight financing rate (SOFR),which is at 2.28%, and includes the hedging cost.

from Banking/Finance-Industry-Economic Times https://ift.tt/V5b6cep