Shriram Finance secures $100-mn loan from Asian Development Bank
Shriram Finance, which currently has about Rs 1.71 lakh crore rupees of AUM, said it had also raised $250 mn from US Development Finance Corporation and $475 mn through a 144A Bond from the international market earlier this year
- Dec 30, 2022,
- Updated Dec 30, 2022 8:43 PM IST
Shriram Finance Limited (SFL) India’s largest retail NBFC and a part of the Shriram Group, on Friday said it has secured long-term funding of $100 million from the Asian Development Bank (ADB) to provide credit to its customers towards purchase of new and used vehicles across India.
The $100-million External Commercial Borrowing (ECB) is a five-year loan.
Shriram Finance, which currently has about Rs 1.71 lakh crore rupees of assets under management, said it had also raised $250 million from US Development Finance Corporation and $475 million through a 144A Bond from the international market earlier this year.
The lender is a merged entity of Shriram City Union Finance and Shriram Transport Finance. New shares of the merged entity tumbled during their market debut on Thursday.
The company said proceeds would be used for "vehicle finance for commercial purposes for BS VI compliant vehicles and electric vehicles", besides providing financial support to women entrepreneurs and under-developed states.
Speaking about the fund raise, Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited said: “SFL’s success in securing international funding from ADB, a regional Development Bank is an enhancement to our strength and stability. We will finance for buying of vehicles and equipments in new and untapped markets to provide business opportunity and generate employment. This would empower more communities in semiurban and rural areas to optimize their income and to have a better quality of life".
Also read: Personal loan rose to Rs 37.7 lakh crore in 2022 despite interest rate hikes: Report
Also read: Insurance watchdog IRDAI makes KYC details mandatory while purchasing insurance from Jan 1
Shriram Finance Limited (SFL) India’s largest retail NBFC and a part of the Shriram Group, on Friday said it has secured long-term funding of $100 million from the Asian Development Bank (ADB) to provide credit to its customers towards purchase of new and used vehicles across India.
The $100-million External Commercial Borrowing (ECB) is a five-year loan.
Shriram Finance, which currently has about Rs 1.71 lakh crore rupees of assets under management, said it had also raised $250 million from US Development Finance Corporation and $475 million through a 144A Bond from the international market earlier this year.
The lender is a merged entity of Shriram City Union Finance and Shriram Transport Finance. New shares of the merged entity tumbled during their market debut on Thursday.
The company said proceeds would be used for "vehicle finance for commercial purposes for BS VI compliant vehicles and electric vehicles", besides providing financial support to women entrepreneurs and under-developed states.
Speaking about the fund raise, Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited said: “SFL’s success in securing international funding from ADB, a regional Development Bank is an enhancement to our strength and stability. We will finance for buying of vehicles and equipments in new and untapped markets to provide business opportunity and generate employment. This would empower more communities in semiurban and rural areas to optimize their income and to have a better quality of life".
Also read: Personal loan rose to Rs 37.7 lakh crore in 2022 despite interest rate hikes: Report
Also read: Insurance watchdog IRDAI makes KYC details mandatory while purchasing insurance from Jan 1