Financiera Independencia completes rights offer

Microfinance Monitor, Feb 6, 2010: Financiera Independencia, a Mexican microfinance lender of personal loans to lower income segment individuals, has announced that it completed the Second Round of Rights Offering Process, finalizing the 85 million share capital increase first announced in November 2009. A total of 5,095,599 shares were subscribed during the Second Round and 79,904,401 shares during the First Round. All shares were subscribed at the issue price of Ps.10.00 per share.

Proceeds of Ps.850 million from the capital increase will be used to finance the Ps.530 million acquisition of Financiera Finsol, the second largest group lending microfinance institution in Mexico, and group of related entities, including Finsol Brazil.
Proceeds will also be used to provide up to Ps.300 million of capital to strengthen the balance sheets of the companies to be acquired.