Shriram Finance secures $100-mn loan from Asian Development Bank
December 31, 2022: Shriram Finance Ltd (SFL), which currently has around Rs 1.71 lakh crore AUM, said it raised $250 million from the US Development Finance Corporation and $475 million through 144A bonds from the international market earlier this year.
Shriram Finance Ltd (SFL), India’s largest retail NBFC and a part of the Shriram Group, on Friday said it has secured long-term funding of $100 million from the Asian Development Bank (ADB) to support its customers in new and emerging markets across India. used vehicles.
The $100 million External Commercial Borrowing (ECB) is a five-year loan.
Shriram Finance, which currently has around Rs 1.71 lakh crore in assets under management, said it raised $250 million from the US Development Finance Corporation and $475 million through 144A bonds from the international market earlier this year .
The lender is a merged entity of Shriram Transport Finance and Shriram City Union Finance Ltd. New shares of the merged entity declined during their market debut on Thursday.
The company said the proceeds will be used for “vehicle finance for commercial purposes for BS VI compliant vehicles and electric vehicles” apart from providing financial support to women entrepreneurs and less developed states.
Commenting on the fund raising, Umesh Revankar, Executive Vice Chairman, Shriram Finance Limited said “SFL’s success in securing international funding from ADB, a regional development bank, is an addition to our strength and stability”.
We will finance the purchase of vehicles and equipment in new and untapped markets to provide business opportunities and generate employment. This will empower more communities in semi-urban and rural areas to optimize their income and enjoy a better quality of life”.
Shriram Finance Limited
Shriram Finance Ltd is one of the leading one of the leading non-banking financial companies (NBFCs) in India and financial services providers in India.
The company offers a wide range of financial products and services to its customers. The company offers a range of services including loans for vehicles, home loans, small business loans, insurance, investments, and other general finance products.
The company has a strong network of more than 1200 branches across the country and serves over 2 million customers.
The company is committed to providing excellent customer service. It also has a robust digital platform that provides convenient and easy access to its products and services. With its extensive experience and expertise, Shriram Finance is well-positioned to meet the needs of its customers.
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