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India's HDB Financial to raise US$150M in senior debt

HDB Financial Services Ltd. plans to raise US$150 million in senior debt through International Finance Corp. to expand its microfinancing business to small and medium-sized enterprises in India, the Business Standard reported May 17, citing the World Bank's investment arm.

HDB, which focuses on lending to those whose credit requirements are less than US$10,000, aims to grow its portfolio of loans at an average compound annual growth rate of 30% to 35% in the next five years, the report said.

As of March 31, the subsidiary of HDFC Bank Ltd. has 447.54 billion rupees in assets and a loan portfolio of 435.73 billion rupees.

As of May 16, US$1 was equivalent to 67.79 Indian rupees.