Shriram Finance plans to raise $1 bn from overseas in next 6 months
NBFC Shriram Finance plans to raise USD 1 billion (about Rs 8,300 crore) from overseas in the next 6 months to fund its business growth.
"We are planning to raise USD 300 million in the next few weeks, may be by October and rest USD 500-700 million during the remaining part of the current financial year," Shriram Finance Managing Director and CEO Y S Chakravarti told PTI.
The fund raise would also include loans from development financial institutions like Asian Development Bank, Kfw, and United States Development Finance Corporation (DFC). The timing would depend on market conditions, he added.
To fund its business growth, the Non-Banking Financial Company (NBFC) raises resources from diversified sources like public deposits, bank finance and raising money from domestic markets.
On the loan growth, Chakravarti said, it is expected to increase 15 to 16 per cent during the current financial year.
The company's Assets Under Management (AUM) stood at Rs 2.33 lakh crore at the end of J