DOCSLIB.ORG

August 19, 2020 INFORMATION MEMORANDUM SVATANTRA

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
August 19, 2020 INFORMATION MEMORANDUM SVATANTRA August 19, 2020 INFORMATION MEMORANDUM SVATANTRA MICROFIN PRIVATE LIMITED A private limited company incorporated under the Companies Act, 2013 Date of Incorporation: February 17, 2012 Registered Office: Level 20, Sunshine Tower, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013; Telephone No.: 022 61415900 E-mail: [email protected] Website: www.svatantramicrofin.com INFORMATION MEMORANDUM UNDER COMPANIES ACT, 2013, SCHEDULE I OF SEBI (ISSUE AND LISTING OF DEBT SECURITIES) REGULATIONS, 2008 ("SEBI DEBT LISTING REGULATIONS"), AS AMENDED FROM TIME TO TIME Issue of 250 (Two Hundred and Fifty) Rated, Listed, Senior, Secured, Redeemable, Taxable, Non-Convertible Debentures, each having a face value of Rs. 10,00,000/- (Indian Rupees Ten Lakh), aggregating up to Rs. 25,00,00,000/- (Indian Rupees Twenty-Five Crore) issued on a fully paid basis and on a private placement basis (the “Issue”) Dated: August 19, 2020 Background: This information memorandum ("Information Memorandum" or "Disclosure Document") is related to the Debentures (as defined below) to be issued by Svatantra Microfin Private Limited (the “Issuer” or “Company” or "Svatantra") on a private placement basis and contains relevant information and disclosures required for the purpose of issuing of the Debentures. The issue of the Debentures comprised in the Issue and described under this Information Memorandum has been authorized by the Issuer through resolutions of the shareholders under Section 180(1)(c) and 180(1)(a) of the Act (as defined below) dated April 19, 2019 and the resolution of the borrowing committee of the Board of Directors dated August 17, 2020 read with the resolution passed by the board of directors of the Issuer on May 30, 2020 and the Memorandum and Articles of Association of the Company. The present issue of Debentures in terms of this Information Memorandum is within the overall powers of the Board. General Risks: Investment in debt and debt related securities involve a degree of risk and Investors (as defined below) should not invest any funds in the debt instruments, unless they can afford to take the risks attached to such investments and only after reading the information carefully. For taking an investment decision, the Investors must rely on their own examination of the Company and the Issue including the risks involved. The Debentures have not been recommended or approved by Securities and Exchange Board of India (“SEBI”) nor does SEBI guarantee the accuracy or adequacy of this document. Specific attention of Investors is invited to the statement of Risk Factors in Section 3 of this Information Memorandum. This Information Memorandum has not been submitted, cleared or approved by SEBI. Issuer’s Absolute Responsibility: The Issuer, having made all reasonable inquiries, confirms and represents that the information contained in this Information Memorandum is true and correct in all material respects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Information Memorandum as a whole or any of such information or the expression of any such opinions or intentions misleading in any material respect. The Issuer is solely responsible for the correctness, adequacy and disclosure of all relevant information herein. Credit Rating: The Debentures proposed to be issued by the Issuer have been rated by CRISIL Limited (“Rating Agency” / “CRISIL”) The Rating Agency has vide its letter(s) dated August 13, 2020 assigned a rating of “CRISIL A+” (pronounced as “CRISIL A+”) with ‘Stable’ outlook in respect of the Debentures. The above rating is not a recommendation to buy, sell or hold securities and investors should take their own decision. The ratings may be subject to revision or withdrawal at any time by the Rating Agency and should be evaluated independently of any other ratings. Please refer to Annexure V of this Information Memorandum for the letter(s) dated August 13, 2020 from the Rating Agency assigning the credit rating abovementioned. Issue Schedule Issue opens on: August 19, 2020 Issue closing on: August 19, 2020 Deemed date of allotment: August 20, 2020 The Issuer reserves the right to change the Issue Schedule including the Deemed Date of Allotment (as defined below) at its sole discretion, without giving any reasons or prior notice. The Issue shall be open for subscription during the banking hours on each day during the period covered by the Issue Schedule. Debenture Trustee Registrar and Transfer Agent Vistra ITCL (India) Limited Adroit Corporate Services Private Limited The IL&FS Financial Center Plot No. C–22, G Block, 7th Floor, 19/20, 1st floor. Plot No. 639, Makwana Road, Bandra Kurla Complex Bandra (East), Marol, Information Memorandum Private & Confidential Date: August 19, 2020 For Private Circulation Only (This Information Memorandum is neither a prospectus nor a statement in lieu of a prospectus) Mumbai 400051 Andheri (East), Tel.: +91 22 2659 3535, Fax: +91 22 2653 3297 Mumbai-400 059 Email: [email protected] Tel: +91-22-4227 0400 Website: http://www.vistraitcl.com/ Email: [email protected] TABLE OF CONTENTS SECTION 1: DEFINITIONS AND ABBREVIATIONS 3 SECTION 2: NOTICE TO INVESTORS AND DISCLAIMERS 10 SECTION 3: RISK FACTORS 13 SECTION 4: FINANCIAL STATEMENTS 17 SECTION 5: REGULATORY DISCLOSURES 18 SECTION 6: DISCLOSURES PERTAINING TO WILFUL DEFAULT 41 SECTION 7: TRANSACTION DOCUMENTS 42 SECTION 8: OTHER INFORMATION AND APPLICATION PROCESS 60 SECTION 9: DECLARATION 68 ANNEXURE I: TERM SHEET 69 ANNEXURE II: CONSENT LETTER FROM THE DEBENTURE TRUSTEE 70 ANNEXURE III: APPLICATION FORM 71 ANNEXURE IV: ILLUSTRATION OF BOND CASH FLOWS 74 ANNEXURE V : RATING LETTER FROM RATING AGENCY 75 ANNEXURE VI: Directorship Details 76 ANNEXURE VII: AUDITED FINANCIAL STATEMENTS FOR THE LAST 3 FINANCIAL YEARS 79 ANNEXURE VIII: BOARD RESOLUTION AND COMMITTEE RESOLUTION 94 ANNEXURE IX: SHAREHOLDERS' RESOLUTION 100 2 Information Memorandum Private & Confidential Date: August 19, 2020 For Private Circulation Only (This Information Memorandum is neither a prospectus nor a statement in lieu of a prospectus) SECTION 1: DEFINITIONS AND ABBREVIATIONS Unless the context otherwise indicates or requires, the following terms shall have the meanings given below in this Information Memorandum. Act/Companies Act means the Companies Act, 2013 and shall include any re-enactment, amendment or modification of the Act, as in effect from time to time. Allot/Allotment/Allotted The allotment of the Debentures pursuant to this Issue. Applicable Law means all applicable statutes, enactments or acts of any legislative body in India, laws, ordinances, rules, bye-laws, regulations, notifications, guidelines, policies, directions, directives and orders of any Governmental Authority and any modifications or re-enactments thereof. Applicant Means a person who will submit a completed Application Form to the Company in relation to the Debentures in accordance with this Information Memorandum Application Form Means the form used by the recipient of this Information Memorandum, to apply for subscription to the Debentures, which is in the form annexed to this Information Memorandum and marked as Annexure III. Application Money Means the subscription amounts paid by the Applicants at the time of submitting the Application Form Assets means, for any date of determination, the assets of the Company on such date as the same would be determined in accordance with Indian GAAP. Beneficial Owner(s) means the holder(s) of the Debentures in dematerialized form whose name(s) is/are recorded as such with the Depository in the Register of Beneficial Owners. Board/Board of Directors The Board of Directors of the Issuer BSE Means the BSE Limited Business Day means a day (a) that is not a Saturday, a Sunday or a public holiday for the purpose of Section 25 of the Negotiable Instruments Act, 1881, and (b) on which banks are normally open for business in Mumbai, India. Capital Adequacy Ratio Means the capital adequacy ratio determined in accordance with the NBFC Directions. CDSL Means Central Depository Services (India) Limited CERSAI Means Central Registry of Securitisation Asset Reconstruction and Security Interest of India Client Loan Means each loan made by the Issuer as a lender Charged Receivables has the meaning given to it in Section 7.2 of this Information Memorandum. CITES means the Convention on International Trade in Endangered Species or Wild Fauna and Flora, including the protected flora and faunae as demonstrated on the website: www.cites.org. Conditions Precedent Means the conditions precedent set out in Section 5.29 of this Information Memorandum Conditions Subsequent Means the conditions subsequent set out in Section 5.29 of this Information Memorandum Company/Issuer/Svatantra Svatantra Microfin Private Limited Control has the meaning given to it in the Act Constitutional Documents means the certificate of incorporation of the Company, the memorandum of association of the Company, the articles of association of the Company and the certificate of registration issued by the Supervisory Authorities to the Company. Debentures/NCDs Means the 250 (two hundred and fifty) rated, listed, senior, secured, redeemable, taxable, non-convertible debentures denominated in Indian Rupees ("INR") each having a face value of INR 10,00,000 (Indian Rupees Ten Lakh) aggregating to a face value of INR 25,00,00,000 (Indian Rupees Twenty Five Crore).
Load more

Recommended publications
  • Annual Report 2014-15
    1 annual report 2014-15 2014-15 Microfinance Institutions Network annual report annual report 2014-15 contents 4 | President’s Message 6 | CEO’s Message 1 2 8 | About MFIN 20 | Governance 3 4 32 | Our Work 51 | Industry Trends 5 6 56 | Microfinance Plus 64 | Awards and Recognition 7 Annex 1: List of MFIN Members 67 | MFIN Financials Annex 2: Board Attendance Annex 3: Abbreviations 3 2014-15 annual report President’s Message Dear Friends, I have had the privilege of being part attention and not mere lip service of the team led by visionary Vijay from the Central Government Mahajan since 2009 when 23 MFIs and the Reserve Bank of India got together and set up Alpha to (RBI). Prime Minister Modi has bring new discipline and direction to put financial inclusion at the top of the microfinance sector. The first act the government’s agenda with the was to contribute to a corpus of Rs. spectacular launch of Jan Dhan 2.5 crores and invest in High Mark Yojana, MUDRA Bank and the in order to put in place credit bureau various insurance programmes. He services for the sector. MFIN was has set a hectic pace; yet as a realist formed in November 2009 with the he realises that a comprehensive main objective of establishing itself financial inclusion for the poor as a Self-Regulatory Organisation is likely to take 20 years - RBI’s (SRO). Alok joined MFIN as CEO centenary year. The RBI under the in July 2010. I had to fill in the big leadership of Governor Raghuram shoes of Vijay once he retired as Rajan has taken the pro-active step President in July 2013.
    [Show full text]
  • Press Release Svatantra Micro Housing Finance Corporation Limited
    Press Release Svatantra Micro Housing Finance Corporation Limited January 05, 2021 Ratings Amount Facilities Rating1 Rating Action (Rs. crore) Long Term Bank Facilities 350.00 CARE A+; Stable Reaffirmed (Rupees Three Hundred Fifty Crore Only) (Single A Plus; Outlook: Stable) Non-Convertible Debentures 53.10 CARE A+; Stable Reaffirmed (Rupees Fifty Three Crore and Ten Lakh (Single A Plus; Outlook: Stable) Only) * Details of instruments/facilities in Annexure 1 Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities and debt instrument of Svatantra Micro Housing Finance Corporation Limited (SMHFCL) continue to factor in expected support from its promoters i.e. the Birla family and shareholders’ investment companies which hold significant shareholding in the companies of the Aditya Birla group. The shareholding in SMHFCL is held by Svatantra Holdings Private Limited (SHPL) and 90% of shareholding in SHPL is held by Ms. Ananyashree Birla who is the Founder and Chairperson of the Svatantra group and has received funding through preference shares (to be repaid after ten years) from Birla Group Holdings Private Limited (BGHPL) and IGH Holdings Private Limited (IGHPL) which are investment companies of Aditya Birla group. The ratings factor in good capitalization levels and moderate gearing levels, improved ability to access funds, stable business growth, experienced management team and expected growth on the back of untapped potential in the low income unorganized borrower segment along with government thrust in providing affordable housing throughout the country. The ratings are constrained by SMHFCL’s moderate profitability, moderate asset quality along with moderate seasoning of the loan portfolio along with exposure to customer base belonging to the low income group which has high susceptibility to economic slowdown.
    [Show full text]
  • NSDL UPDATE June 2018
    NSDL UPDATE June 2018 News Articles Addition to demat rejection reason code for Issuers/ RTAs A new rejection reason has been added in the list of reasons for rejection of dematerialisation request by Issuers/ RTAs: Rejection Code Rejection Reason 47*(Refer note) Physical Shares transferred/transmitted to IEPF Demat Account *The demat rejection code ‘47 - cancelled by investor’ which was in use between October 23, 2009 and December 16, 2010 has been assigned a new code ‘98 - Cancelled by Investor’. Participants are advised to incorporate the new rejection code ‘98 - Cancelled by Investor’ in their back office system in place of ‘47 - cancelled by investor’ to ensure that SOT/ Demat rejection request reports generated from back office system shows the proper rejection reason for the cancellation done in past. Reference: Circular No. NSDL/POLICY/2018/0026 dated May 8, 2018, available on NSDL website www.nsdl.co.in Subscription to SPEED-e During May 2018, one more Participant has subscribed to the SPEED-e facility - Allahabad Bank (DP ID IN300853) Clients of the above mentioned Participant can now avail the facility of submitting various instructions through SPEED-e facility. This takes the total number of Participants which have subscribed to SPEED-e to 201. Training Programmes for Participants: NISM / NSDL-DO training / certification programme for Participants To facilitate officials of Participants to prepare and appear for NISM - Series VI Depository Operations Certification Examination (DOCE), NSDL conducted three training programmes
    [Show full text]
  • CRISIL Indices Factsheet March 15 2021
    CRISIL Indices Factsheet March 15, 2021 1 Table of Contents Constituent Details – 15 March 2021 ....................................................................................................... 3 Portfolio Parameters – 15 March 2021 ....................................................................................................38 Composite Index Weights .....................................................................................................................41 Features and Methodology....................................................................................................................51 Weighing Approach/Methodology..........................................................................................................57 List of CRISIL Indices – Objectives and Inception Dates .........................................................................72 Constituent Details – 15 March 2021 The securities that would form a part of the indices with effect from 15 March 2021 are as follows: Sr. Redemption Index Index ISIN Issuer/Security Name Coupon No Date* Weights Bharat Sanchar Nigam 1 INE103D08021 23-Sep-30 6.79% 7.46% Ltd. 06.79% 23-Sep-2030 FCI 06.65% (Series IX ) 2 INE861G08076 23-Oct-30 6.65% 10.00% 23-Oct-2030 HDFC 07.25% (Series X- 3 INE001A07SO0 17-Jun-30 7.25% 10.00% 006) 17-Jun-2030 IRFC 06.85% (Series 153) 4 INE053F07CS5 29-Oct-40 6.85% 10.00% 29-Oct-2040 L&T Infrastructure Fin 5 INE691I07EO1 08.10% (Series B of FY 28-Jun-30 8.10% 0.45% 2020-21) 28-Jun-2030 LICHF 08.70% (TRANCHE 6 INE115A07OB4
    [Show full text]
  • Pilot on Incubating Models of Digital Transactions for Microfinance Lending
    PILOT ON INCUBATING MODELS OF DIGITAL TRANSACTIONS FOR MICROFINANCE LENDING End of the Project Report Implemented by: Technical Service Provider: Microfinance Institutions Network (MFIN) Spice Digital Ltd. Implemented by Sponsored by: Hong Kong and Shanghai Banking Corporation Limited (India) (HSBC India) Preface & Acknowledgements India is on the cusp of a digital revolution, mainly due to major influencers. First, the regulator is defining the landscape by innovation-led policies and maintaining security and risk management standards to highest levels. Second, the government is focused on moving towards a digital or less-cash economy. Third, the banks are embracing technology to accelerate digital payments using API banking. And last, we have fintech innovators who are re-imagining solutions for our day-to-day problems. Microfinance has decades of success growing and strengthening a high-touch, cash-intensive business model. Cash-based loan disbursals and collection provides various limitations over cash-less (digital) payments-based processes which includes high operational cost for the MFIs, high turnaround time, chances of frauds and inability to ascertain whether the collection amount has come from the borrower or from the group. Digital has changed the way financial services are being delivered in India and MFIs are no exception. As per MFIN publications, the MFIs are increasingly adopting cashless methods for disbursements (90% for most MFIs), however only 5% of repayments are cashless. In view of this, MFIN conducted a pilot project to understand a suitable model for loan collections using various digital payment instruments for the MFI industry, details of which are available in the report. The project focused on reviewing the adoption of multiple ways for making digital payments available in India, specifically— a) Aadhaar based payments used for financial inclusion that is built on the JAM trinity, i.e.
    [Show full text]
  • INFORMATION MEMORANDUM Svatantra Microfin Private Limited A
    Information Memorandum dated March 26, 2021 Private & Confidential For Private Circulation Only (This Information Memorandum is neither a prospectus nor a statement in lieu of a prospectus) INFORMATION MEMORANDUM Svatantra Microfin Private Limited A private limited company incorporated under the Companies Act, 1956 Date of Incorporation: 17/02/2012 Registered Office: 20th Floor, Sunshine Towers, Senapati Bapat Marg, Elphinstone Road (W), Mumbai - 400 013, Maharashtra, India Telephone No.: + 91 22 6141 5900 Website: https://svatantramicrofin.com/ Information Memorandum dated March 26, 2021 for issue of Debentures on a private placement basis Issue of 600 (six hundred) rated, listed, unsecured, taxable, redeemable, subordinated, transferable, non-convertible debentures of the face value of INR 10,00,000 (Indian Rupees Ten Lakh) each and aggregating to INR 60,00,00,000 (Indian Rupees Sixty Crore) on a private placement basis (the “Issue”). Background This information memorandum ("Information Memorandum" or "Disclosure Document") is related to the Debentures (as defined below) to be issued by Svatantra Microfin Private Limited (the “Issuer” or "Svatantra" or “Company”) on a private placement basis and contains relevant information and disclosures required for the purpose of issuing of the Debentures. The issue of the Debentures comprised in the Issue and described under this Information Memorandum has been authorised by the Issuer through resolutions passed by the shareholders of the Issuer on April 19, 2019 under Section 180(1)(c) of the Act (as defined below), and the Board of Directors of the Issuer on February 4, 2021 read together with the resolution of the borrowing committee of the board of directors of the Company passed at its meeting held on March 23, 2021, and the Memorandum and Articles of Association of the Company.
    [Show full text]
  • Annual Report
    ANNUAL MICROFINANCE REPORT INSTITUTIONS 2017-18 NETWORK MFIN annual report has in its past three editions has been using traditional art forms such as Warli, Madhubani and now Gond art to showcase traditional art forms that women have been using to express themselves and their surroundings. This has a resonance with the microfinance sector that has always tried to encourage women to express themselves and become self-reliant. This edition of the Annual Report has Gond illustrations. This is a form of painting that is practiced by one of the largest tribes in India with whom it shares its name. Gond comes from the Dravidian expression, Kond which means ‘the green mountain’. While Gond paintings are considered to be predominantly from Madhya Pradesh, they are also quite common in Andhra Pradesh, Maharashtra, Chhatisgarh and Odisha. The Gond people have a belief that viewing a good image begets good luck. This belief led the Gond people to decorate the walls as well as the floor of their houses with traditional tattoos and motifs. ANNUAL MICROFINANCE REPORT INSTITUTIONS 2017-18 NETWORK Contents President’s Message 1 About MFIN 2 Membership 5 Associates 10 MFIN Governance Structure 18 Our Work 33 MFIN Awards 2018! In Pursuit of Excellence! 47 MFIN Events 50 MFIN & Partners 54 MFIN in the News 55 Industry Trends 57 Microfinance Plus 62 MFIN Financials 79 Annexures 92 • Board Attendees • List of Members • MFIN Awards 2018 : Agenda Greetings! The yin and yang of Microfinance is outreach and sustainability. This was demonstrated in the year 2017-18, when we witnessed a 40% increase in equity investments with a 25% increase in the number of clients at 2.5 crores.
    [Show full text]
  • Svatantra Microfin Private Limited
    Svatantra Microfin Private Limited April 05, 2018 Summary of rated instruments Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Long Term Bank Lines 250 500 [ICRA]A-(Stable); assigned Total 250 500 *Instrument details are provided in Annexure-1 Rating action ICRA has assigned a rating of [ICRA]A- (pronounced ICRA A minus) to the Rs. 500 crore1 (enhanced from Rs. 250 crore) long term bank lines of Svatantra Microfin Private Limited (Svatantra) 2. The outlook on the long-term rating is stable. Rationale The rating factors in strong capital support to Svatantra and strong commitment and leadership by Founder and Chairperson, Ms. Ananya Birla. The rating also factors in the diverse experience of the core management team across microfinance, agriculture finance and banking businesses, and the company’s prudent lending policy and good MIS systems. ICRA also takes note of the company’s comfortable capitalisation profile and good financial flexibility. The rating is constrained by the company’s moderate scale, geographically concentrated operations and relatively high operating expenses. Further, post demonetisation, the company’s asset quality indicators deteriorated owing to its exposure in the districts of Amravati and Washim where collection efficiency dipped significantly. However, Svatantra’s adequate capitalisation along with improvement in company’s collection efficiency and asset quality indicators provide comfort in this regard. The rating factors in the risks associated with unsecured lending, political and operational risks arising out of cash handling and high attrition rates in the industry. Given the marginal profile of its borrowers and the risk of their overleveraging, the credit quality of micro-loan portfolios is fundamentally characterised by a high level of volatility.
    [Show full text]
  • Annual Report 2018-2019
    ANNUAL REPORT 2018-2019 4th Floor, Emaar Palms Spring Plaza Sector 54, Golf Course Road Gurugram 122 003, Haryana T +91 124 457 6800 E [email protected] www.mfinindia.org mfin_india Microfinance Institutions Network MFIN is an industry association powering responsible finance in India. It represents 56 microfinance companies and 40 other lenders who together finance the aspirations of millions of women. Annual Report Cover • Size : 210 x 297 mm (Closed Size) • Spine : 15 mm Contents President’s Message 2 CEO’s Message 4 About MFIN 6 Governance 8 SRO (Self Regulatory Work) 20 Membership 24 Associates 31 Our Work in 2018-19 39 Creating a Supportive Ecosystem 40 Supporting Members & Associates 43 Protecting the Client 49 MFIN Events 51 MFIN Media Coverage 54 This Annual Report is an attempt to capture MFIN’s role in creating an ‘Enabling environment’ for the Microfinance industry at large. With the growing acceptance of the Microfinance model, microcredit is now reaching every Microfinance Industry in India 58 corner of the nation through the concerted efforts of microfinance institutions. Yet, to grow in an everchanging Industry Trends 60 landscape and amidst the innumerous challenges before it, the industry requires constant guidance and support. Moreover in the quest to become financially independent and pursue income generating activities, the rights of Microfinance Plus 65 customers need protection as well. It is with this objective that MFIN, as an industry association and SRO, strives Financial Statements 83 to create 1) a supportive ecosystem for the industry 2) improve the capabilities of MFIN Members and Associates to deal with risk and challenges and 3) protect millions of microfinance clients.
    [Show full text]
  • 24 July 2020 National Stock Exchange of India Limited
    24 July 2020 National Stock Exchange of India Limited BSE Limited “Exchange Plaza”, Phiroze Jeejeebhoy Towers, Bandra - Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Dear Sirs, Sub: Compliance under Regulation 23(9) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Ref: “Vodafone Idea Limited” (IDEA / 532822) In terms of Regulation 23(9) of the Securities and Exchange Board of India (listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose disclosure of Related Party Transactions on a consolidated basis, in the format specified in the accounting standards for the half year ended 31st March 2020. The above is for your information and dissemination, please. Thanking you, Yours truly, For Vodafone Idea Limited Pankaj Kapdeo Company Secretary Vodafone Idea Limited (formerly Idea Cellular Limited) An Aditya Birla Group and Vodafone partnership Birla Centurion, 9th to 12th Floor, Century Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 030. T: +91 95940 04000F: +91 22 2482 0093 www.vodafoneidea.com Registered Office: Suman Tower, Plot no. 18, Sector 11, Gandhinagar – 382 011, Gujarat. T +91 79 6671 4000 F +91 79 2323 2251 CIN: L32100GJ1996PLC030976 VODAFONE IDEA LIMITED Related Party Transactions Related party transactions The related parties where control, joint control and significant influence exists are subsidiaries, joint venture and associates respectively. Key Management personnel are those persons having authority
    [Show full text]
  • Svatantra Microfin: Providing Support to Aspiring Women Entrepreneurs During Covid 19 Pandemic
    Svatantra Microfin: Providing Support to Aspiring Women Entrepreneurs during Covid 19 Pandemic Haldia, West Bengal: Microfinance has been playing an essential role in transforming the lives of many aspiring women in West Bengal by helping them become independent & self- reliant.The Covid-19 pandemic impacted the livelihood of several in the hinterlands. During this crisis, Svatantra Microfin provided extensive support to its borrowers helping them lead a stable life. The growth story of Sephali Manna, a resident of Haldia, West Bengal, is no exception. Sephali associated with Svatantra Microfin in the year 2019 and availed her first loan amount for opening a tea stall and selling snacks.She was making moderate income when suddenly the national lockdown was implemented. Like most small enterprises across the country, the lockdown severely impacted her business, and her outflow of income ceased. During the dire consequences, the family faced innumerable challenges including skipping a meal to survive. She found it extremely difficult in repaying her loan installments and hence opted for the moratorium facility for two months ( April-May) as offered by Svatantra Microfin as per RBI guidelines. With the help of some additional investment, she resumed her business a and successfully repaid her loan. Showing her gratitude towards the Svatantra Microfin, she said, “Svatantra Microfin has helped me run my small business and has come to my aid time and again. I am thankful to Svatantra Microfin for standing by my side in a time of crisis. It has supported me during the pandemic period. I am thankful to Svantra for turning the adverse situation into an opportunity and making things favourable for me.” *************************************************************************** Svatantra is a next-gen microfinance entity offering differential banking solutions.
    [Show full text]
  • Svatantra Microfin: Providing Unwavering Support to Women Entrepreneurs
    Svatantra Microfin: Providing Unwavering Support to Women Entrepreneurs Bardhaman, West Bengal: Microfinance has been playing an essential role in improving the lives of many aspiring women in West Bengal by helping them become independent. The growth story of Puspa Santra, a resident of Bardhaman District, West Bengal, is no different. Until September 2019, Puspa was living her life as a home-maker with her small family of three. Her husband was a daily wage labourer working on agricultural land of other villagers. The income generated by him was not enough to suffice the daily needs of the family. The education of their child also got severely impacted due to their monetary condition. The family was looking for a way to improve their financial condition when Puspa came across Svatantra Microfin and their micro-credit offerings. She became a member of Svatantra Microfin with an aim to support her family. She took her first loan of Rs. 33083, and opened a small grocery shop near her house. Gradually, the family conditions started improving with the help of the income generated from the grocery shop. The couple was now able to provide better education to their child and hoping for a better future for their family. During the nationwide lockdown, her business got impacted, and she opted moratorium for one month. However, looking at all the benefits she was getting from Svatantra Microfin, she opted for timely repayment of her loan, despite the moratorium offered by the institution. Showing her gratitude towards the microfinance company, she saids, “Svatantra Microfin has helped us run our small business and has come to our aid time and again.
    [Show full text]