PROJECT

Projects

Summary of Investment Information

Project Number

47988

Company Name

India Vehicle Finance

Date SPI Disclosed

Dec 8, 2023

Country

India

Region

South Asia

Projected Board Date

Apr 4, 2023

Environmental Category

FI-2 - Limited

Status

Active

Last Updated Date

Mar 28, 2024

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Apr 4, 2023
Signed : Mar 18, 2024
Invested : Mar 25, 2024

Sector

Finance Companies

Project Description

The proposed investment comprises an IFC own account investment of up to US$150 million in rated, senior, secured notes with a tenor of up to six and a half years, issued by an offshore vehicle called India Vehicle Finance, a company incorporated in Mauritius, which will further invest in INR denominated securitized assets of Shriram Finance Limited (SFL, or the Company). In addition, IFC will play the role of an anchor investor, which is expected to attract other institutional investors who will invest up to an additional US$350 million in India Vehicle Finance. The entire proceeds from IFC’s own account investment will be directed by SFL towards on-lending to MSMEs in rural regions and Low Income States.                                                 

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation