SREI Infra plans Rs. 1,400cr funds

The Kolkata-based renowned infra player, SREI Infrastructure Finance has decided to generate about Rs 1,400cr funds in the current quarter to support its growth plans. In fact the company needs an additional loan of about Rs 2,000cr in the fourth quarter to achieve its targeted growth rate and is likely to generate about Rs 1,400cr of debt during the period. The remaining portion of the funds will be arranged through internal accruals, senior vice-president and resource mobilization head GS Agarwal said. The NBFC, which is currently engaged in financing infrastructure projects, has decided to mop up Rs 300cr through a bond issue, which opened for subscription on December 31 and will close on January 31.

Official sources said that the bonds have a face value of Rs 1,000 and will be issued in four series with an annual interest rate of 8.90 percent for series 1 and 2, and 9.15 percent for the rest. In regard to overseas fund raising exercise, the company will soon raise around USD 15 million (around Rs 75cr) through ECB route after raising a similar amount in the recent past. He also said the company is expecting 25-30 percent growth in disbursement in the current fiscal over the last fiscal when it stood at Rs 14,400cr. The company is currently engaged in infrastructure project finance, development, advisory, equipment finance, investment banking, venture capital and insurance broking businesses, CFO Sanjeev K Sancheti said.