The company has received $160 million in commitments to date, along with a green-shoe option to raise an additional $40 million, exercisable over 120 days from the date of signing of the facility agreement.

The $160 million commitments have been received from 12 banks, including a contribution of 25% from Taiwanese Banks, 28% from Middle Eastern Banks along with the lead arranger, and the rest from foreign branches of Indian Banks.

The company has currently drawn $100 million, and the remaining commitments shall be drawn over the coming months.

This marks the first social ECB loan in the Indian microfinance industry and the fourth from India. The social loan shall abide by CA Grameen's Social Loan Framework which aligns with the Social Loan Principles 2023, stipulating the use of proceeds, social development goals and governance, according to the Loan Market Association.

Balakrishna Kamath, chief financial officer, CreditAccess Grameen, said, “The social loan facility marks the single largest foreign borrowing transaction in our journey.

Our consistent performance track record, strong asset quality, and best-in-class operating profitability helped us to receive an overwhelming response from many global banks who have taken a maiden exposure to the Indian microfinance industry through this transaction.

We have been successful in increasing the share of long-term funds and expanding our borrowing base across domestic and foreign markets. Our socially relevant business and strong ESG compliance make a strong case for us to target ESG-linked funds from global institutions in the coming years.”

Bengaluru-based CreditAccess Grameen is a microfinance institution, focused on providing micro-loans to women customers predominantly in rural areas across India. The Company is now operating in 352 districts in 14 states (Karnataka, Maharashtra, Tamil Nadu, Chhattisgarh, Madhya Pradesh, Odisha, Kerala, Goa, Gujarat, Rajasthan, Uttar Pradesh, Bihar, Jharkhand, and West Bengal) and one union territory (Puducherry) in India through 1,786 branches.

The company's profit after tax surged 86.4% to Rs 296.6 crore on 32.7% increase in net interest income (NII) to Rs 689.8 crore in Q4 FY23 over Q4 FY22.