Small Industries Development Bank of India, on 6 February, announced its plan to raise Rs 5,000 crore via bonds that will mature in three years and four months period.
The bank plans to raise Rs 1,500 crore as a base issue and an additional Rs 3,500 crore as a greenshoe option that will give the underwriter the right to sell investors more bonds than planned if the demand is higher than expected.
The company plans to open the bidding for the bonds on 8 February between 12:30 pm and 1:30 pm on the electronic bidding platform on India’s NSE (National Stock Exchange).
The exchange of bonds and money will be done on 12 February, and the bonds will have the “AAA” rating by CARE and CRISIL.
Earlier in November 2023, the company signed a MoU (Memorandum of Understanding) with the Technology Development Board with the aim of easing credit access to MSMEs who are attempting to develop and commercially apply indigenous technology or adapt imported technology.
The bank has been touching the lives of citizens across various segments of society through its integrated and inclusive approach.