NEWS & ADVICE : PERSONAL LOAN
ICICI Bank backs off stake from Bhartiya Samruddhi Finance
By Vaibhav Aggarwal
Apr 7, 2010
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Microfinance Company, Bhartiya Samruddhi Finance (BFSL) has received an equity capital infusion of Rs. 118.2 crore in its third round of capital infusion in March end. It has plans to go for another round of capital infusion in 2011.

The institution had earlier gone for two rounds of equity capital infusion in the last 10 years. Previous investors namely Shore Capital and ICICI Bank have sold their stake in the company, an official said.

Matrix Partners India has invested Rs 100 crore as lead investor in the third round and will hold 18 per cent stake in BFSL.

The net worth of BFSL, a part of the BASIX group, was about Rs 205 crore at March-end.

"With this capital infusion, we will double our credit portfolio to over two million customers and the outstanding loan portfolio to Rs 2,000 crore," Vijay Mahajan, Chairman of BFSL said.

The capital adequacy ratio (CAR) of the company was 25% on March end which is far ahead of the RBI's set standard of 12% for NBFCs.

Mahajan also said that BFSL expects to earn a profit of Rs 28-30 crore in financial year ended 2009-10 as against Rs 8 crore in 2008-09.

The company plans to expand its asset portfolio. The expanded capital would support its growth till the end of this year, Mahajan added.

Sajeev Viswanathan, managing director & chief executive officer, BSFL, said fresh capital would have a direct impact on reducing cost for our customers.

 


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