Bengaluru, July 7: Ujjivan Financial Services a leading urban poor focused microfinance lender raised Rs. 23 Crores (USD 5 Mn.) through a private placement of non-convertible debentures (NCDs).

Standard Chartered Bank was the sole book-runner and lead arranger for the issue.

Samit Ghosh, Managing Director, Ujjivan said, "This reiterates the faith of banks and financial investors in Ujjivan. During FY 2010-11, Ujjivan has shown consistent performance and growth amidst crisis”. Mrs. Sudha Suresh, Chief Financial Officer, indicated that the funding was successfully completed in record time. The NCD is listed with the Bombay Stock Exchange.

Joseph Silvanus, Regional Head – Development Organisations for South and South East Asia, Standard Chartered Bank, said, “This is a landmark transaction which comes at a crucial juncture. We are happy to have been able to facilitate this transaction and would continue to engage (with the sector), as an enabler to help achieve the goal of financial inclusion”.

Ujjivan Financial Services serves over a million urban poor clients and recorded a FY2010-11 loan portfolio and profit growth of 69% and 49% respectively.