Northern Arc Capital, a non-banking lender headquartered in Chennai, has received Rs 229 crore from prominent anchor investors in anticipation of its forthcoming initial public offering (IPO).
15 entities were allocated 87.02 lakh equity shares by Northern Arc at a price of Rs 263 per share, which is the upper limit of the price band, as indicated by a circular posted on the Bombay Stock Exchange (BSE).
Reliance General Insurance Company, Goldman Sachs (Singapore) Pte, Kotak Mahindra Life Insurance Company, SBI General Insurance Company, SBI Life Insurance Company, Societe Generale, and Quant Mutual Fund are among the notable investors in this transaction.
Northern Arc will prioritize the provision of future capital requirements, particularly to facilitate onward lending, with the funds it has raised.
The organization has been actively engaged in the provision of credit to underprivileged households and businesses throughout India. Its lending portfolio is diversified, encompassing sectors such as microfinance, MSME finance, consumer finance, vehicle finance, and agriculture finance.
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Earlier this year, the Dutch entrepreneurial development bank FMO invested $75 million in the company through non-convertible debentures. In April, the World Bank’s International Finance Corporation (IFC) provided a $80 million round of funding. The company has a distinguished history of raising funds.
About Northern Arc
Founded in 2008 by Ashish Mehrotra, Northern Arc is a diversified financial services platform set up primarily with the mission of catering to the diverse retail credit requirements of the under-served households and businesses in India.
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