NIIF-backed shadow bank considers raising $100 mn with $600 mn valuation

By Baiju Kalesh and Preeti Singh
 

Aseem Infrastructure Finance Ltd., an Indian shadow bank backed by the country’s quasi-sovereign wealth fund, is considering raising about $100 million in a new funding round, according to people familiar with the matter.

The lender is working with an adviser on the fundraising and seeking a valuation of about $600 million, said the people, who asked not to be identified as the information is private. AIFL plans to use the fresh capital for expansion, according to one of the people.

The Indian shadow bank aims to complete the funding round by the end of March, said another person. Deliberations are ongoing and details of the fundraising could still change, they said.

Representatives for AIFL and NIIF didn’t respond to requests for comment.

AIFL is a non-banking finance firm that specializes in funding India’s infrastructure projects such as roads, power transmission, green energy and logistics. Its asset under management grew about 65% year-on-year to about 120 billion rupees ($1.4 billion) in the financial year ended March 31, according to its latest annual report. National Investment and Infrastructure Fund and its nominees own about 59% stake.