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Our Bureau

Kolkata, Jan. 9

Srei Infrastructure Finance Ltd has launched the first Shariat compliant instrument in the Indian market — a $50-million facility arranged and book-run by HSBC.

According to Mr Hemant Kanoria, Vice Chairman and Managing Director of the company, “this is the first time that any NBFC in India has tapped the Islamic funding market”.

He said the fund size of $50 million was eminently scalable, based on its performance.

The Shariat compliant fund is said to be a financial vehicle that was a departure from the conventional model of borrowing and lending in the investment banking community.

According to an official release by the company here on Tuesday, although the facility was complex and involved extensive structuring, the syndication has received good response from investors in Asia, and West Asia, enabling Srei to expand its investor base.

According to the company statement, the transaction has provided an opportunity to the investors of the region to book exposure in the “booming infrastructure sector in India”, which requires investments of over $592 billion over the next 5 years.

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