NAFA raises $50 million via ECB, equity
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Netafim Agricultural Financing Agency Pvt. Ltd. (NAFA), an agri-focused NBFC and a subsidiary of Netafim Singapore, has raised $40 million via external commercial borrowing (ECB) from the Phoenix Group and Cogito Capital, both Israel-based investors.
The funds will be utilised for business expansion, enhanced offerings, and to expand horizons in the agri-rural domain. The company would successfully improve its margins as it intends to service the high-cost old debt and bring down the overall cost of funds, it said in a statement.
The deal also marks fresh equity infusion into NAFA, which recently raised $ 9.4 million of Tier I Capital from Netafim Singapore and offered exit to the initial equity partners Atmaram Properties & Granite Hill Fund as they had reached their investment horizon. This is the maiden investment for both Phoenix Group and Cogito Capital in India and NAFA, through acquiring stake
Netafim-backed NAFA raises USD 50 mn via equity and ECB from Israeli investors freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.