GreenCell Mobility is raising Rs 8.74 billion from IFC

GreenCell Mobility and its subsidiary, GreenCell Express, are raising Rs 8.74 billion ($100 million) from the International Finance Corporation (IFC) through non-convertible debentures (NCDs). The funding will be undertaken through two separate investments. Under the first investment, IFC will infuse up to $70 million by subscribing to NCDs issued by special purpose vehicles (SPVs). In the second tranche, IFC will make a direct investment of $37 million into the company. These funds can be deployed flexibly.