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Capri Global rises after partnering with Union Bank for co-lending

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Capri Global Capital gained 1.96% to Rs 529.45 after the company entered into a co-Lending agreement with Union Bank of India to offer MSMEs loans.

Through the collaboration, Capri Global Capital and Union Bank of India aim to disburse MSME loans across 100+ touch points pan India. The loan disbursement under this arrangement would commence from December 2021.

The agreement is signed under the co-lending guidelines issued by RBI in November 2020 for CoLending to the Priority Sector. The collaboration will be helping MSMEs to avail customized lending solutions at a competitive rate of interest with a significant reduction in turn-around time. The CoLending agreement aims to provide financial inclusion to MSMEs by offering secured loans between Rs 10 lakhs to Rs 100 lakhs. The Co-Lending arrangement will entail joint contribution of credit to the prospective MSME customers in Tier II and Tier III markets.

Speaking on the development, Rajesh Sharma, MD of Capri Global Capital said, We are glad to partner with Union Bank of India. Our association with the centenarian bank has always proved to be a positive reinforcement of our aspirations and values. Their accommodative business solutions and customized services have proved to be a boon for our business model. Through this partnership, the aim is to reach out to a large section of society by offering easy, convenient, and efficient credit solutions and empowering them to be key contributors to fiscal growth. Our focus is to support the grassroots entrepreneurship that creates economic value.

Capri Global Capital Limited (CGCL) operates in two major verticals - MSME Loans and Affordable Housing Finance. On a consolidated basis, the company's net profit declined 14% to Rs 52.45 on a 17.6% increase in total income to Rs 219.73 crore in Q2 FY22 over Q2 FY21.

Shares of Union Bank of India were trading 0.65% lower at Rs 46.10 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, November 25 2021. 09:43 IST