Heard on the street: Deutsche Bank's NBFC unit buys IFMR cap's NCDs worth 36 cr

Deutsche Investments India, the NBFC arm of Deutsche Bank, is said to have has bought 36 crore worth of non-convertible debentures (NCDs) floated by Chennai-based IFMR Capital. The issuance carried an 'A-' (A minus) rating, with a maturity of 3.6 years and coupon rate of 12.35% per annum.

IFMR will be use the proceeds to lend to microfinance companies and small businesses in rural areas. Deutsche officials declined to comment on the story. IFMR officials, when contacted, confirmed they had raised NCDs worth 36 crore, but declined to give details of the buyer. "We raised the money from an institutional investor.

They were confident about investing in our issuance. Our NPA levels are near-zero and our assets are performing well," said Sucharita Mukherjee, CEO of IFMR Capital. IFMR had raised an additional 7.5 crore through a bond placement a couple of weeks ago.

Contributed by Shailesh Menon