Fullerton India raises Rs 2,795 cr
Today, Fullerton India Credit Company Ltd. (Fullerton India) stated that it had successfully raised USD 350 million through an external commercial borrowing of Rs 2,795 crore (ECB). The company announced that it had obtained a loan from Sumitomo Mitsui Banking Corporation (SMBC) Singapore at a margin of 122 basis points over the SOFR (Secured Overnight Financing Rate).
Related Articles
The non-banking company stated that the previous year had been momentous for the business as it became a consolidated subsidiary of Japan’s Sumitomo Mitsui Financial Group (SMFG), with SMFG purchasing 74.9 percent of the company’s shares from Fullerton Financial Holdings (FFH).
Fullerton India
“Our FY22 success underlines our deep commitment to innovate and service each of our customers with unique loan solutions, so they can meet their financing needs,” stated Shantanu Mitra, MD and CEO of Fullerton India. This finance is essentially identical to the cost of borrowing domestically and is completely hedged against foreign exchange risks. The current ECB raised will allow us to diversify our funding source and access international markets to finance the company’s future expansion ambitions.
Chairman of Fullerton India and Senior Managing Executive Officer of Sumitomo Mitsui Financial Group Nobuyuki Kawabata stated, “This acquisition strengthens our commitment to Fullerton India. According to our long-term plan for India, we think that this lending will be crucial in fostering inclusive growth. By utilizing its international connections and offering financial support, SMFG is dedicated to assisting Fullerton India’s expansion plan.
