By Siddhi Nayak and Bhakti Tambe
MUMBAI (Reuters) – India’s Shriram Finance is looking to raise as much as 200 billion rupees ($2.44 billion) to fund its growth in the next financial year starting April, a senior company official told Reuters on Monday.
The retail non-banking finance company aims to grow its assets under management (AUM) by 15% in 2023/24 to around 1.9 trillion to 2 trillion rupees, Umesh Revankar, executive vice chairman of Shriram Finance, said.
The company’s total AUM was 1.77 trillion rupees as of Dec. 31.
“We will mostly be looking at ECB loans rather than dollar bonds. Right now, the (dollar) bond market is very volatile,” Revankar said.
The company will also raise funds from local banks and the domestic capital market among others, alongside the ECB borrowings, he added.
(Reporting by Siddhi Nayak and Bhakti Tambe; Editing by Swati Bhat and Janane Venkatraman)
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