Cholamandalam Investment and Finance Co. Ltd. (CIFCL), the financial services arm of Murugappa Group, has raised ₹400 crore Tier-II debt from the U.K.-based CDC Group Plc. through the issuance of 10-year rupee denominated masala bonds.
This is CIFCL’s maiden masala bond issue, which might be listed on the London Stock Exchange or any other international stock exchange, in future, the company said in a statement. “CDC and CIFCL have joined hands to address the business credit requirements of small and medium road transport operators and MSME customers,” said Arun Alagappan, MD, CIFCL.
