Microfinance Focus, January 24, 2012: Bangalore based microfinance institution Ujjivan Financial Services has raised Rs. 29 crore through issuance of Non-Convertible Debentures (NCDs) to Developing World Market.

“This transaction once more reiterates the confidence of banks and financial investors in our mission, business model and our portfolio quality. We continue to show consistent performance through a difficult period for the industry," Ujjivan Managing Director Samit Ghosh reportedly said.

Ujjivan raised NCDs aggregating Rs.400 million from Developing World Markets in December 2010 and Rs.550 million between July 2011 and August 2011. The company procured funding through bank lines of Rs.2.4 billion and securitisation of Rs. 575 million between October 2010 and October 2011.

It is currently raising additional equity capital to the extent of Rs.1.7 billion in the near term, as reported by rating agency CRISIL.

Ujjivan operates in twenty states across India. As of December 2011, it was serving more than one million customers and has disbursed Rs. 28, 871 million in microloans.