Shriram Finance raises $100 mln debt from Asian Development Bank

Shriram Finance Ltd raised $100 mln through an external commercial borrowing from Asian Development Bank, the non-banking finance company said in a press release.

According to the press release, the loan has a term of five years and falls under the social financing system.

The funds would be used by Shriram Finance to fund commercial Bharat Stage VI compliant automobiles, electric vehicles, as well as women entrepreneurs.

Umesh Revankar, the executive vice chairman, Shriram Finance Ltd said, "We will finance for buying of vehicles and equipment in new and untapped markets to provide business opportunity and generate employment. This would empower more communities in semi-urban and rural areas to optimise their income and to have a better quality of life."

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In addition, the non-bank lender raised $475 million via a 144A Bond from the international market and $250 million from US Development Finance Corp.