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Mumbai based Sustainable Agro commercial Finance Limited raises Rs 112 crore fund

Tags: Sustainable Agro commercial Finance Limited, Non Banking Finance Company, Jain Irrigation Systems Limited, agriculture, farmers, small businesses

April 02, 2015 | COMMENTS ( 0 )

Mumbai based Sustainable Agro commercial Finance Limited raises Rs 112 crore fund

Sustainable Agro commercial Finance Limited (SAFL), a Non Banking Finance Company (NBFC) based out of Mumbai has raised Rs 112 crore funds.

The fund is consisting of tier 1 and tier 2 capital in a mix of equity shares at premium(Rs.42 crore) and long tenure debt (6 yrs) in form of 10 per cent unsecured Non Convertible Listed Debentures (Rs.70 crore).

Sustainable Agro-commercial Finance Ltd.  (SAFL), a non banking finance company (NBFC) has been setup with the objective of serving the small farmer and rural constituencies in India in a comprehensive manner. SAFL is promoted by Jain Irrigation Systems Limited (JISL).

This fund raising has raised the tier 1 and tier 2 capital of the SAFL to Rs. 208 crore. This fund raising will also help SAFL to grow substantially in next few years, as it had no debt prior to the above transaction. SAFL has so far served over 15,000 farmers since its inception in 2012 and it continues to pursue its growth plans.

“SAFL’s activities are focused on Farm and the Farmer. It was incorporated in February 2011 and is based in Mumbai, India. It has obtained approval from RBI in July 2012 to undertake activities of NBFC. SAFL will provide finance for agriculture, farmers and small businesses in rural and semi-urban areas in India,” said, Bhavarlal H. Jain, Founder & Chairman, Jain Irrigation Systems Ltd.

The investment has been made by Mandala Capital AG Limited ("Mandala"), a UK based entity focused on agriculture business in South East Asia. Post the investment, Mandala holds 20 per cent of the capital of SAFL while Jain Irrigation Systems Ltd’s (JISL) shareholding has come down to 49 per cent.

This will help the JISL to further grow its MIS and other product sales to small and marginal farmers in Maharashtra and adjoining states in next fiscal year. It would also help the company to improve its working capital cycle further.

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