Srei Infra aims 30% growth in disbursements in FY12

Srei Infrastructure Finance Limited (SIFL) is aiming high on infrastructure projects in the country as the company is expecting about 20-30 per cent growth in the total disbursements in the current fiscal. Last year, SIFL registered total disbursements worth Rs 14,400 crore, of which about Rs 4,400 crore was project finance while remaining was towards infrastructure equipment financing.

Company expects the share of project finance to increase this fiscal as government spending on infrastructure development remains robust.

"Of the total project financing, nearly 40 per cent is towards power sector and remaining is a mix of roads, telecommunications and ports. Nearly 11 per cent of the total power sector projects are non-conventional power projects. We expect about 20-30 per cent growth in our overall performance in the current fiscal," said Sanjeev Sancheti, chief financial officer of the company.

Srei anounced a public issue of long term infrastructure bonds, with a face value of Rs 1000 each in the form of secured redeemable non-convertible debentures. The company intends to raise Rs 300 crore in the first tranche during current fiscal. "We will issue the bonds in one or more tranches if required amounting not more than Rs 500 crore in total. The issue will give benefits under section 80 CCF of the income tax act, 1961," added Sancheti.

The bonds would be issued in four series with interest rate of 8.9 per cent and 9.15 per cent per annum for various series. The issue provides interest payment annually as well as cumulative. The bonds have a maturity period of 10 years and 15 years with a lock-in period of five years, and thereafter the bonds can be traded on the Bombay Stock Exchange (BSE).