Business Daily from THE HINDU group of publications
Tuesday, Nov 20, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Nov 20, 2007 ePaper | Mobile/PDA Version |
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Money & Banking
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Financial Institutions States - Andhra Pradesh APSFC planning to raise Rs 750 cr Our Bureau Hyderabad, Nov. 19 Andhra Pradesh State Financial Corporation (APSFC) will be raising Rs 750 crore next year to meet its fund requirements. “The objective is to expand our business to reach over a billion dollars by 2009-10. We will take the debt market route to raise the funds and are planning to issue corporate bonds,” Mr A. Giridhar, Managing Director, APSFC, told newspersons here on Monday. The corporation had raised Rs 500 crore this year. “Now, we are in the good books of financial institutions with a capital adequacy ratio of 6.4 per cent and think this is the time to use our good credit ratings,” he added. APSFC had posted a turnover of Rs 700 crore in 2006-07 and was expecting it to reach Rs 1,000 crore in the current fiscal year. “Our target is to sanction Rs 4,500 crore loans by 2010 with focus on small and medium enterprises,” Mr Giridhar said. The corporation might consider IPO option over next two years, he added. It is also developing an industrial park in about 270 acres near Jeedimetla here in association with Andhra Pradesh Industrial Infrastructure Corporation (APIIC). The initial investment in providing supporting infrastructure such as effluent treatment plants would be around Rs 300 crore, the official said. As a part of its efforts to augment fee-based income and to provide insurance services to the clients, APSFC had tied up with United India Insurance Company Ltd (UIIC). It had also signed a memorandum of understanding with United India Insurance. More Stories on : Financial Institutions | Andhra Pradesh
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