NEW DELHI, Aug 2: Swades Foundation, a non-for-profit organisation founded by Zarina and Ronnie Screwvala, on Friday announced that its Rs 10-crore ZCZP (Zero Coupon Zero Principal) instrument opened for subscription on the NSE’s Social Stock Exchange (SSE) platform.
This will be the biggest issue size by an NPO at the SSE and the issue will be open until August 13 for online subscription, Swades Foundation said in a statement.
Funds raised through the issue at SSE will support Swades Foundation’s programmes, including sustainable livelihoods through goat rearing, health and hygiene initiatives and youth education as well as employability programmes.
The ‘zero-coupon, zero-principal’ are instruments for donating money to non-profit organisations listed on the SSE.
“The SSE with its level of diligence for a listing and the subsequent reports of fund utilisation (for the donors) will extend a lot of transparency and credibility to the sector, which will continue to encourage a lot of new retail donors,” Ronnie Screwvala, Co-Founder, Swades Foundation, said.
Over the past 11 years, Swades, dedicated to holistic rural empowerment, has reached out to 3,310 hamlets in Raigad and Nashik districts of Maharashtra, with an estimated population of 1.1 million.
Ashishkumar Chauhan, MD & CEO, NSE said that SSE of NSE witnessed a growing traction by NPOs for fundraising for their projects.
“Our 10th listing of Swades Foundation is raising Rs 10 crore which is nearly equal to the first 7 issues combined and is a testament to growing interest and trust being shown by NPOs and donors on the NSE SSE platform”.
Markets regulator Sebi has been taking measures to widen the participation of subscribers at the social stock exchange. In November 2023, the regulator reduced the issue size of ZCZP from Rs 1 crore to Rs 50 lakh. It has also reduced the minimum application size for donors to Rs 10,000 from Rs 2 lakh. (PTI)
Follow our WhatsApp channel
