The GMTN Framework
Capri Global Capital Limited’s USD 1 Billion Global Medium Term Note (GMTN) Programme serves as a versatile master agreement for issuing various debt instruments in international capital markets. This mechanism allows the company to issue notes in different currencies and maturities without the need for separate regulatory approvals for every individual tranche. By securing authorization from NSE IFSC Limited, the company is now positioned to list and trade these securities within the GIFT City jurisdiction.
This follows the formal submission of the final Offering Circular, marking a critical step in activating the fundraising vehicle for global institutional participation.
Strategic International Diversification
Establishing this programme at GIFT City enables Capri Global to access a broader pool of global liquidity and institutional investors. This move is designed to diversify the company's funding profile beyond domestic bank borrowings and Non-Convertible Debentures. By tapping into dollar-denominated debt markets, the NBFC can potentially access more competitive borrowing costs compared to local credit markets.
The dual-exchange listing approach across India INX and NSE IX ensures maximum visibility for international bondholders, providing the company with a stable source of long-term capital to fund its expanding asset book.
Business Profile and Expansion
Capri Global Capital operates as a diversified non-deposit-taking NBFC with a significant presence in MSME lending, gold loans, and affordable housing finance. The company has aggressively scaled its gold loan vertical, opening hundreds of branches to capture demand from urban and semi-urban markets. This USD 1 Billion capital raise aligns with its rapid expansion trajectory, which saw net profit nearly double in the most recent fiscal year.
The GMTN programme provides the necessary structural capital to sustain this growth in Assets Under Management while maintaining a robust capital adequacy ratio.
Financial Performance and Sector Outlook
The company maintains a strong financial profile with annual operating revenue reaching ₹4,730.54 Crore. Recent quarterly results showcased high operational efficiency, with a profit margin of 64.95 percent and a net profit increase of 59.12 percent year-on-year. While the company reported negative cash from operations of ₹8,727.78 Crore—common for NBFCs focused on aggressive loan book growth—it holds a healthy promoter stake of nearly 60 percent.
This international fundraise reflects a broader trend among Indian financial institutions utilizing the IFSC framework to secure global capital for domestic credit expansion.
