Shriram Finance Ltd. said it raised $750 million through social bond from the international markets.

Proceeds from the bond will be used for financing the micro, small and medium enterprises (MSMEs), the Indian non-banking finance company said in a statement.

Shriram said the bond received an overwhelming response from over 200 investors with the order book in the range of 4x of the issue size. The transaction witnessed 32% participation from Asia-Pacific (APAC), 32% from Europe, the Middle East and Africa (EMEA) and 36% from US, it added.

The company noted that 81% investment came from asset/fund managers, 10% from sovereign supranational and agency/insurance as well as 3% from private banks and others.

The issue price for $750 million 6.625% senior secured notes due 2027 was 99.961% of the aggregate nominal amount, Shriram said in a stock exchange announcement.

The social bonds, which will mature on 22 April 2027, are proposed to be listed on the Indian International Exchange (INX).

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