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2012-09-12

Religare to focus on SMEs

Religare Finvest, a wholly-owned subsidiary of Religare Enterprises, is expecting the increase in its loan book by 18-20 per cent focusing on the SMEs, this financial year.

Religare Finvest, a wholly-owned subsidiary of Religare Enterprises, is expecting the increase in its loan book by 18-20 per cent focusing on the SMEs, this financial year.

"We expect the (loan) growth rate to be around 18-20 per cent in the current financial year with major focus on the SME segment," said Kavi Arora, chief executive, Religare Finvest to reporters on the sidelines of a function to announce the fund raising plan of the company through non-convertible debenture (NCD) issue.

The NBFC is planning to raise up to Rs 500 crore through retail issuance of non-convertible debentures (NCDs) to support its financing activities.

According to the company, it will raise NCDs aggregating up to Rs 250 crore with an option to raise an equal amount in case of over-subscription.

The NCDs will have a coupon of 12.25 per cent for various tenors with yield ranging from 12.25 to 12.62 per cent per annum and will stay open for subscription from September 14 till September 27, 2012.

The NBFC raises around 65 per cent of its fund from banking sources and rest from capital market and through commercial papers (CPs).

Religare Finvest reported a net profit of Rs 137.8 crore in the last financial year and its loan book stood at Rs 12,573.5 crore.

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