DMI Finance raises $150M in debt via non-convertible debentures
What's the deal? DMI Finance, a non-banking financial company in India, has raised US$197.6M by issuing secured, listed non-convertible debentures (NCDs) on a private placement basis. Morgan StanleyDealroom has a profile for this one. Try Dealroom → was consulted on the structuring of the issuance.
Who bought in? The issuance drew aggregate bids of US$221.4M from mutual funds, alternative investment funds, primary dealers, corporates, and family offices. The NCDs are rated AA by ICRADealroom has a profile for this one. Try Dealroom → and carry a tenure of up to 36 months.
What's the money for? Proceeds will support the growth of DMI Finance's lending portfolio and meet the company's funding needs.
Why now? The raise is part of DMI Finance's push to diversify its funding sources and deepen ties with capital market investors. The company continues to draw on banks, financial institutions, and debt markets to fund its lending business.
What they're saying: "This transaction reflects the continued confidence of institutional investors in DMI Finance and our long-term growth strategy," said Shivashish Chatterjee, co-founder and managing director. He added that a "diversified and resilient funding profile" remains a priority as the business scales.
The signal: At roughly $150 million, the round sits in the 93rd percentile of all-time debt deals in its geography and industry, based on a sample of 380 comparable rounds. That points to strong appetite for private-credit paper from Indian non-bank lenders.
Read more: investmentguruindia.com
Image credit: Dr. Partha Sarathi Sahana
