Religare Finvest hopes 18-20% loan growth in FY13
   
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Religare Finvest hopes 18-20% loan growth in FY13

Last Updated: Tuesday, September 11, 2012, 18:31
 
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Religare Finvest hopes 18-20% loan growth in FY13
Mumbai: Religare Finvest, a wholly-owned subsidiary of Religare Enterprises, expects to post 18-20 percent growth in its loan book this financial year, a top company official said.

"We expect the (loan) growth rate to be around 18-20 percent in the current financial year with major focus on the SME segment," Religare Finvest chief executive Kavi Arora said.

He was speaking 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 percent for various tenors with yield ranging from 12.25 to 12.62 percent per annum and will stay open for subscription from September 14 till September 27, 2012.

"The present NCD issue is part of our effort to diversify fund raising programme of the company," Religare Enterprises Group chief financial officer Anil Saxena said.

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

On requirement of capital for the company, Arora said: "With a capital adequacy ratio of above 19 percent, we are comfortable to take care of our growth plans till the end of this fiscal".

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.

PTI


First Published: Tuesday, September 11, 2012, 18:31


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