The Hindu Business Line : SIDBI sanctions at Rs 3,550 crore under SME Fund

Dr K.C. Chakrabarty (right), CMD, Indian Bank, and Mr N. Balasubramanian, Chairman and Managing Director, SIDBI, at the signing of an MoU in Chennai on Monday. — Bijoy Ghosh

Chennai , Aug. 8

THE Small Industries Development Bank of India (SIDBI) has sanctioned loans worth Rs 3,550 crore out of the Rs 10,000-crore SME Fund, in the year-and-quarter period since the fund was launched.

Disbursements amounted to Rs 2,530 crore, SIDBI's Chairman and Managing Director, Mr N. Balasubramanian, told presspersons here today.

Under the Fund, direct assistance is being provided to SMEs at an interest rate of two percentage points below SIDBI's PLR. Meanwhile, the SIDBI-sponsored National Venture Fund for Software and Information Technology, a venture capital fund, has exited from four companies it funded.

Investments in these four companies were Rs 6.7 crore, while the sale of stakes fetched Rs 12.10 crore, Mr Balasubramanian said. The Fund stayed invested in these companies for about two-and-a-half years.

Divestment proceedings are going on with respect to two more companies, he said.

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