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Goldman & Credit Suisse may endow Rs 1200cr in Janalakshmi

Goldman Sachs and Credit Suisse are in discussions to invest funds of about Rs 1000-1200 crore in the Microfinance firm Janalakshmi Financial Services (JFS).
BY BEx Bureau
BusinessEx
Jun 19, 2017

Existing investors of JFS like TPG, GIC of Singapore, Morgan Stanley Private Equity firm may endow more of Rs 600-700 Crore investment.

Both Goldman and Credit Suisse are looking at structured finance solution. The company is in dire need of equity capital. Of the two, Goldman is the front-runner. The commercial terms are still being negotiated, ET source reported.

Janalakshmi picked up its pace after 2015 and keep on expanding by disbursing loans. The company loan portfolio estimated at Rs 3,734 crore and by March 2016 it rose to Rs 10,983 crore and by the end of year 2016 the amount was Rs 12,416 crore.

The company loan portfolio estimated at Rs 3,734 crore and by March 2016 it rose to Rs 10,983 crore and by the end of year 2016 the amount was Rs 12,416 crore.

Janalakshmi was growing faster than the other MFIs and was one of the largest MFIs when high-value currency notes were discontinued. It has impacted the entire industry and as Janalakshmi was a large industry, it proportionally impacted the more MFIs more than others, said Ratna Vishwanathan, CEO of Microfinance Institutions Network (MFIN).

In April, JFS got the licence from RBI to operate as Small Financial Bank and plans to open up its own 300 branches in key locations in India.

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