ICRA

Vistaar Financial Services Private Limited has issued and allotted the senior, secured, rated, listed, redeemable, non-convertible debentures denominated in Indian Rupees, aggregating to ₹75 crore.

SNG & Partners acts on Issuance of Non-Convertible Debentures by Vistaar Financial Services

One of India’s leading MSME lending institutions, Vistaar Financial Services Private Limited (Vistaar Finance), has secured a commitment for a loan up to U.S. $50mn from the U.S. government’s development finance institution, U.S. International Development Finance Corporation (DFC).Vistaar Finance was founded in 2010 when MSME lending was not very common in India. The company has developed the MSME financing market as a leader in providing long term loans for this segment that has traditionally been unserved or has had to contend with informal high-cost borrowing. Vistaar’s financing has enabled over 2,00,000 MSMEs across 12 states in India since inception to enhance their productive capacity and hence incomes. The company’s clear vision to serve small businesses and be one of the important catalysts in India’s drive towards “Make in India” has taken it to strength of over 2,500 employees and AUM of INR ~3,100 cr as of March 2023.

Vistaar Finance to raise USD 50M in Debt Financing from DFC

VFSPL's portfolio size is moderate compared to its competitors. The company's operations are concentrated in specific regions, with the top three states accounting for a significant portion of its portfolio. This concentration exposes them to geographical risks and limits their diversification.

The company needs to ensure that the asset quality remains strong and that the increase in these types of loans does not result in higher defaults or losses.

The issuer has made timely interest payments

Mr. Avijit Saha, MD & CEO

VFSPL has considerable experience in the retail lending business, specifically in the small business loan segment. This expertise gives them a competitive advantage in understanding the needs and risks associated with small businesses.

Despite contracting margins and credit cost-related pressures, VFSPL has shown a steady improvement in its operating efficiency. This has helped the company maintain a stable earnings performance over the years.

VFSPL has an adequate capital structure with a managed gearing of 2.7 times and a capital to risk weighted assets ratio (CRAR) of 28.8%. This provides stability and supports the company's medium-term portfolio growth.

Security Name: 9.65% Vistaar Financial Services Private Limited 19 Apr 2027

ISIN:

INE016P07211

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*All Interest Payments will be subject to TDS (Not Applicable on Government Securities and Tax Free Bonds)

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A+ /Stable

ICRA

Senior

Secured

ISSUER

Vistaar Financial Services Private Limited

Recent News

SNG & Partners acts on Issuance of Non-Convertible Debentures by Vistaar Financial Services

Vistaar Finance to raise USD 50M in Debt Financing from DFC

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