L&T Finance acquires 26% stake in Grameen Capital
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Grameen Capital India today announced that L&T Finance has acquired 26% stake in the company for an undisclosed amount.
Grameen Foundation, Citicorp Finance, Amit and Arihant Patni are the other shareholders in the company.
Y M Deosthalee, Chairman & Managing Director of L&T Finance Holdings said, "Social enterprises need to build sustainable scale with the help of patient capital. We are delighted to partner with Grameen Capital and come up with innovative solutions for the capital needs of these enterprises." Royston Braganza, the Chief Executive Officer, said, "We will use this investment for catalyzing lending to social enterprises." Grameen Capital India provides capital market access to impact-focused enterprises serving the base-of-the-pyramid segment through innovative debt and equity solutions, credit enhancement and strategic advisory services. Grameen Capital also actively advises double bottom-line funds on their impact investment programs in India.
It has facilitated more than $160 million of both equity and debt capital for social enterprises.
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