Kanrich Finance raised Rs.750 million to fund its microfinance operations through an issue of asset receivable backed trust certificates.Kanrich’s microfinance portfolio of over Rs.5 billion generates substantial amount of cash receivables on weekly basis enabling the company to issue asset receivable backed trust certificates.
Director/CEO Shiran Weerasinghe stated that securitizing a part of the portfolio gave the company a path to broad base its funding sources and added t hat t he objective of the transaction is to further expand the operations whilst effectively managing the portfolio balance.First Capital Ltd and Bank of Ceylon acted as the manager of the facility and the trustee, respectively to the transaction.Further, Weerasinghe stated, “We appreciate the confidence placed on us by the managers, trustees and the pool of investors and trust that we will be able to raise further funds from the market based on our recent performances and keep expanding the company.
Kanrich’s monthly lending that was under Rs.50 million at t he beginning of 2012, increased to Rs.1 billion a month within three years, which resulted in its interest income i ncreasing t o Rs.1,296 million in FY 2013/14 from Rs.175 million in FY2011/12. The total income increased from Rs.204 million in FY2011/12 to Rs.1,441 million by FY 2013/14 recording a growth of 604 percent in
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