SREI reassures stakeholders on growth amidst market turmoil

Srei Infrastructure Finance (Srei) Thursday reassured stakeholders about its financial health and said the current market development should not be linked to the company's growth.

The recent market developments in reference to non-bank financial institutions (NBFCs) should not be considered while evaluating its stable financial health and prudent growth strategies, it said in a statement.

Srei emphasised that it has been timely meeting its liability commitments to banks, financial institutions and investors.

Srei Infra, including Srei Equipment Finance Limited, has repaid all its debt obligations as on date without any delay and has enough liquidity to honour all its financial obligations, it added.

"Further, based on our asset-liability profile and liquidity position, there will not be any delay in repayment of any of our future financial obligations".

The company said it is pertinent to note that as on September 26, 2018, it had investments of Rs 950 crore in liquid mutual funds apart from liquidity from collections and available bank lines.

Commenting on the negative market sentiments, Sunil Kanoria, Vice Chairman, Srei, said: "At Srei we refrain from reacting to rumours or unfounded negative market sentiments. However, given the unrest created by people with vested interests, we would like to emphatically mention that Srei (including Srei Equipment Finance Limited) has been repaying all its debt without any delay, consistently for the last 3 decades and would continue to do so".

He said the company has enough liquidity to honour future obligations on time and it remains committed in maintaining the leadership position in the CME Financing sector.

The stock of the company Thursday closed 17 per cent down at Rs 33.20 on BSE.