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Srei Infra plans to raise $600 Million from domestic banks
Tuesday, 09 December 2008, 23:24 IST
Kolkata: Non-banking finance company Srei Infrastructure Finance Ltd is planning to raise $600 million (
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 12,000 crore (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 4,950 crore (49.5 billion) during the first half of the current fiscal. Last fiscal, we disbursed a total of 5,000 crore (50 billion)," he said.
The company has plans to disburse 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.
Source: IANS
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 12,000 crore (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 4,950 crore (49.5 billion) during the first half of the current fiscal. Last fiscal, we disbursed a total of 5,000 crore (50 billion)," he said.
The company has plans to disburse 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.
Source: IANS