Shriram Finance aims to raise $2.44 bn in FY24 to fund growth: Official

- Best Investment Advisor in India
- Business
- Commodity Market
- Currency
- Equity Market
- FII based calls
- Foreign Markets
- Genuine stock tips provider
- Intraday trading tips
- Intraday trading tips & Strategies
- Investment adviser
- Investments
- IT Industry
- Most accurate stock tips provider
- News
- NSE F&O
- Operator based calls
- Politics
- Portfolio Management Services
- promotions
- SEBI Registered advisory company
- Stock Market
India’s Shriram Finance is looking to raise as much as 200 billion rupees ($2.44 billion) to fund its growth in the next financial year starting April, a senior company official told Reuters on Monday.
The retail non-banking finance company (NBFC) aims to grow its assets under management (AUM) by 15% in fiscal 2024 to around 1.9 trillion rupees to 2 trillion rupees, Umesh Revankar, executive vice chairman of Shriram Finance, said.
The company’s total AUM was 1.77 trillion rupees as of Dec. 31.
“We will mostly be looking at ECB loans rather than dollar bonds. Right now, the (dollar) bond market is very volatile,” Revankar said, adding, “We are looking to utilise our entire $750 million ECB limit next year.”
The loans will be anything between three to five years, he said.
ECBs, or external commercial borrowings, are commercial loans raised by domestic borrowers from recognised foreign entities. The Reserve Bank of India (RBI) permits borrowers to raise up to $750 million worth of ECBs each financial year under the automatic route.
The company will also raise funds from local banks and the domestic capital market among others, alongside the ECB borrowings, he added.
Shriram Finance was established after a three-way merger between Shriram Transport Finance Company with promoter Shriram Capital and diversified finance company Shriram City Union Finance. The merger was completed in November.
Last year, the NBFC secured funding of $250 million from the US International Development Finance Corporation (US DFC) and $100 million from the Asian Development Bank (ADB).
It is currently in talks with various development finance institutions, including ADB, US DFC and Asian Infrastructure Investment Bank, to secure the ECB funding, said Revankar.
Shriram Finance caters to small road transport operators and small business owners, financing passenger commercial vehicles and tractors, among others.
But given rising interest rates and high inflation, it will be more cautious in its approach, said Revankar.
“We would like to keep our margins,” he said. “If the cost of borrowing goes up, then definitely our lending rate also will go up.”
The NBFC, which reported a net interest margin (NIM) of 8.52% in the October-December quarter, aims to keep it between 8.3% to 8.5% for fiscal 2024.
Going forward, it is also focusing on retaining its retail deposit growth of around 20% year on year. However, the cost of deposit mobilisation would go up by 30-40 basis points for the next couple of quarters, said Revankar.
The shadow lender does not see any liquidity shortage right now given that banks are open to lending to NBFCs.
#1 stock adviser in India Accurate stock tips provider Best Equity Portfolio Management Best Intraday calls provider Best Intraday Tips Best Intraday tips provider Best Investment adviser in India Best Portfolio Management services Best Portfolio Management services in India Best SEBI registered investment advisor Best SEBI registered stock advisory company Best Share Market intraday tips Best stock advisor websites Best stock advisory company in India Best stock tips provider in india Best tips provider in India Genuine Account Management services Genuine SEBI registered advisory company Genuine stock market tips provider India no 1 stock advisory company India’s top rated advisory company India’s top rated Stock tips provider Intraday calls in stock future Intraday calls in stock market Intraday Jackpot tips Intraday Sureshot tips Intraday Sureshot tips provider Intraday tips Intraday tips in F&O Intraday trading in share market Intraday trading techniques Intraday trading tips Intraday trading tips & Strategies Intraday trading tips in stock market Investment adviser Jackpot intraday tips Most accurate investment adviser in India Most successful stock advisors in india Operator based calls Operator based intraday stock tips Operator based intraday tips Operator based options tips Operator based sureshot calls Share market trading tips online Stock market Stock market news Stock Market tips Stock market trading tips provider Strategy for Wealth Management and Financial planning Top rated Portfolio Management services Top rated SEBI registered stock advisory firms
Archives
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- March 2023
- February 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
Categories
- Best Investment Advisor in India
- Business
- Commodity Market
- Currency
- Equity Market
- FII based calls
- Foreign Markets
- Genuine stock tips provider
- Intraday trading tips
- Intraday trading tips & Strategies
- Investment adviser
- Investments
- IT Industry
- Most accurate stock tips provider
- News
- NSE F&O
- Operator based calls
- Politics
- Portfolio Management Services
- promotions
- SEBI Registered advisory company
- Stock Market
- Uncategorized
Calender
M | T | W | T | F | S | S |
---|---|---|---|---|---|---|
1 | 2 | |||||
3 | 4 | 5 | 6 | 7 | 8 | 9 |
10 | 11 | 12 | 13 | 14 | 15 | 16 |
17 | 18 | 19 | 20 | 21 | 22 | 23 |
24 | 25 | 26 | 27 | 28 |