“Symbiotics launches USD 6.75 million (INR 506,250,000) Social Bond with Samunnati Financial Intermediation & Services Private Limited in India – Symbiotics – August 27, 2020

In a press release distributed on August 4, 2020 Symbiotics reported that it “has arranged a Social Bond, raising USD 6.75 million in local currency (INR 506,250,000) for Samunnati Financial Intermediation & Services Private Limited (“Samunnati”), a non-banking financial company (NBFC) in India.

This bond is issued via Symbiotics’ sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainability, Social and Green Bond Framework, which was certified in December 2019 by DNV GL. The Social Bond will be listed on the Luxembourg Green Exchange within the Social Bond section. The Social Bond proceeds are to be fully used towards a 3-year, senior unsecured, non-convertible debenture to Samunnati.

Samunnati is a specialized Agri Value Chain enabler that offers customized financial, co-financial and non-financial solutions to farmer producer organizations and agricultural enterprises across the value chain. It was founded in 2014 with a mission ‘to make market work for the small holder farmers’ by making the value chains operate at a higher equilibrium. The proceeds of the Social Bond will be used to finance microloans up to an amount of USD 10.000 within mainly the agriculture sectors.”

You may read the press release on the news page of the Symbiotics internet site.