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Srei Infra to raise Rs 1,400 cr debt in Jan-Mar

Press Trust of India  |  Mumbai 

Kolkata-based Srei Infrastructure Finance plans to raise around Rs 1,400 crore of in the current quarter to support its growth, a top company official said.

"We expect an additional loan growth of Rs 2,000 crore in the fourth quarter and for this we are likely to raise around Rs 1,400 of in this period. The rest of the amount will be arranged through internal accruals," Senior Vice-President and Resource Mobilisation Head GS Agarwal told reporters here, while announcing its tax-saving long-term retail infrastructure bond issue.

The NBFC engaged in financing infrastructure projects had decided to mop up Rs 300 crore through a bond issue which opened for subscription on December 31 and will close on January 31.

The bonds have a face value of Rs 1,000 and will be issued in four series with an annual interest rate of 8.9% for series 1 and 2, and 9.15% for the rest.

Under the issue, bonds will have two maturity periods of 10 and 15 years and a lock-in period of five years and will be listed on the BSE after the lock-in period.

Referring to raising routes, Agarwal said the NBFC will raise money from banks and domestic/overseas market.

About overseas fund raising, Chief Financial Officer Sanjeev K Sancheti said the company will soon raise around $15 million (around Rs 75 crore) through the ECB route after raising a similar amount in the recent past.

He also said the company is expecting 25-30% growth in disbursement in the current fiscal from Rs 14,400 crore last fiscal.

Finance is engaged in infrastructure project finance, development, advisory, equipment finance, investment banking, venture capital and insurance broking businesses.

First Published: Thu, January 05 2012. 20:41 IST