SEFL plans Rs.2,000 cr funds

In order to meet emerging investment requirement, Srei Equipment Finance (SEFL), a wholly-owned subsidiary of Srei Infrastructure Finance, has announced plans for generating Rs.1,800-2,000 crore, said Hemant Kanoria, Chairman & Managing Director, Srei. The exact proportion between OFS and fresh issue would be decided later, but it would be within 25% as the company hopes to hit the market by February or March this fiscal. The IPO proceeds would be utilised to fund its equipment finance business, which has been growing at 20-22% on a year-on-year basis. The company holds roughly 35% market share in equipment finance business. SEFL, which provides financing for construction and mining equipment, IT infra equipment as well as healthcare and farm equipment, closed the first quarter of this financial year with Rs.23,453 crore of assets under management, registering a 20% growth over the same quarter of the previous year, he added.