Srei Infra targets Rs. 5, 030cr funds for the year

Srei Infrastructure Finance Limited, which is a Kolkata based company, has targeted to generate about Rs. 5,030cr funds at the current exchange rate before the end of this year. Initially the company will generate Rs. 2,500cr in the first tranche of the on going fund raising exercise. The targeted funds will be invested in infrastructure projects covering segments including road, power and port projects across the country, Vice Chairman Srei Infrastructure, Sunil Kanoria said, adding that in this connection the company has dispatched a team to the US to study market conditions there and discuss issues in detail with the potential investors.

Currently the company has been able to make debt available but was not in a position to provide much of equity support to its customers and the latest fund generating move will help it to provide equity to its clients particularly in the mid market segment. The growth of the Indian economy may slightly be affected for the short duration but in the medium to long run the country has great growth potentials and that it is bound to attract investors in drove from across the globe. In addition, the company is also launching an infrastructure debt fund through the mutual fund route in the next financial year to meet the long term infrastructure financing requirement of the projects. It is also in the process of raising another Rs. 300cr through its maiden retail bond issue, which opened on December 31 and will close on January 31 this month, he claimed.