Shardul Amarchand Mangaldas & Co (SAM) has advised the International Finance Corporation (IFC) on a USD500 million senior, unsecured, US dollar-denominated external commercial borrowing (ECB) facility to the Small Industries Development Bank of India (SIDBI).
“IFC’s support to SIDBI comes at a time when Indian banks and financial institutions are actively exploring the RBI’s [Reserve Bank of India’s] ECB/FCNR(B) INR/USD swap window to access dollar funding more efficiently,” SAM team lead partner Shubhangi Garg told India Business Law Journal.
The SAM team also comprised principal associate Yashika Jain, and associates Soham Chakraborty and Aryan Gupta.
The ECB has a seven-year tenor. The SIDBI will use the proceeds to provide direct lending to micro, small and medium-sized enterprises (MSMEs) and refinancing facilities to financial institutions for on-lending to MSMEs.
