Srei Infra plans to raise Rs.30 bn from domestic banksDecember 8th, 2008 - 9:27 pm ICT by IANS
Kolkata, Dec 8 (IANS) Non-banking finance company Srei Infrastructure Finance Ltd is planning to raise Rs.30 billion (Rs.3,000 crore) from domestic banks in the second half of the current fiscal, a top official said here Monday.Due to difficulties in raising money in the present economic scenario, the company has scaled down disbursal target for 2008-09.
“Its difficult to achieve a disbursal target of Rs.12,000 crore (Rs.120 billion) projected earlier, mainly because of difficulties in raising money,” Srei chairman and managing director Hemant Kanoria told reporters on the sidelines of launching a rural job portal for Srei Sahaj e-Village Ltd.
“We have already disbursed Rs.4,950 crore (Rs.49.5 billion) during the first half of the current fiscal. Last fiscal, we disbursed a total of Rs.5,000 crore (Rs.50 billion),” he said.
The company has plans to disburse Rs.20-30 billion more this financial year.
According to Kanoria, Srei is finding it difficult to raise money as the external commercial borrowing route is closed for non-banking finance companies.
During the first half of 2008-09, the company’s loan portfolio grew by 60 percent, but October and November were dull months, he added.
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- SREI Infra to integrate Quippo with self - Jan 29, 2010
- e-village programme eases rural people's lives - Jul 17, 2011
- Srei Equipment Finance plans to disburse Rs.7,500 crore - Oct 06, 2009
- Srei Infra's Q3 net slips by 51.8 percent - Feb 03, 2012
- Volvo ropes in Srei BNP Paribas to offer finance - May 11, 2011
- Srei aims to broadbase borrowing options - Jan 07, 2012
- Srei Sahaj joins hands with State Bank of India - Mar 15, 2010
- Srei raises benchmark rate by 100 basis points - Oct 06, 2010
- Srei posts Rs.26.58 crore net profit for second quarter - Oct 26, 2009
- SREI Infra net profit drops 53 percent in 2008-09 - Jun 12, 2009
- Magma Fincorp Q1 net jumps 93 percent - Jul 12, 2012
- Cholamandalam Investment posts higher profit - Jan 27, 2011