Indian non-bank lender Capri Global Capital Ltd. is exploring its first dollar bond issuance to raise between $200 million and $300 million, according to reports from CNBC TV18, NDTV Profit, and Bloomberg. The company is currently in the process of seeking credit ratings and has held preliminary discussions with banks for the transaction. The debt's likely tenor is three years, though formal mandates have not yet been announced and terms remain subject to change. This strategic move aims to diversify the Mumbai-based lender's funding base and meet escalating demand for credit across India.
Deutsche Bank AG, Barclays Plc and Citigroup Inc. have been appointed as banks for the deal, as reported by CNBC TV18, NDTV Profit, and Bloomberg. The proceeds from the bond issuance would finance on-lending activities as Capri Global seeks to diversify its funding sources to grow its loan book. The transaction is expected to be completed in March or April 2026, though timing depends on the ratings process and borrowing costs. While mandates are not yet formally announced, the deal is anticipated in the first quarter of 2026.
According to a note by ICRA Ltd., the country's non-bank finance companies are expected to drive issuance in the domestic market going forward as lenders tap capital markets to meet credit growth demands. As reported by CNBC TV18, NDTV Profit, and Bloomberg, dollar bond sales by Indian borrowers dipped to $8.4 billion in 2025 compared with $13.3 billion a year earlier, according to data compiled by Bloomberg. This offshore fundraising effort by Capri Global occurs as Indian non-bank lenders are increasingly turning to international capital markets to fuel their expansion and bridge funding gaps.
Spokespeople for Barclays, Deutsche Bank and Citi declined to comment on the potential transaction, according to CNBC TV18, NDTV Profit, and Bloomberg. Capri Global did not immediately respond to a Bloomberg email seeking comment on the reported bond issuance plans. The Mumbai-based lender is poised to make its debut in international capital markets with this planned dollar bond sale, signaling an effort to diversify its funding sources and support the expansion of its loan book amidst growing credit demand in India.
