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Tuesday, September 18, 2012

Fullerton India raises Rs 850 crore

Non-banking financial firm Fullerton India Credit Company said it has raised funds worth Rs 850 crore, including Rs 150 crore in equity capital.

Fullerton India would receive Rs 150 crore additional equity capital from its parent firm Singapore-based Fullerton Financial Holdings, it said in a statement.

Both entities are part of Singapore's Temasek Holdings. "This fresh infusion of capital is timely. Fullerton India required additional capital to support growth plans, expand its distribution, enhance customer service capabilities and to extend strategic presence in under-served markets and customer segments," Fullerton India CEO and MD Shantanu Mitra said.

According to the statement, the company raised Rs 600 crore through issue of non-convertible debentures and about Rs 100 crore in Tier 2 subordinated debt. These funds were raised this month.

"With a capital adequacy in excess of 20 per cent, these infusions provide us with a strong capital cushion, and enable us to meet our business expansion needs for the foreseeable future," Mitra noted.

Fullerton India has plans to increase its mortgage-backed lending to the small and medium business segment.

Source: EconomicTimes


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