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Equitas Finance Pvt Ltd, non-banking finance company from the Equitas Group, has raised ₹100 crore from Franklin Templeton Mutual Fund.
According to a press statement form Equitas, to augment the long-term resources and to diversify the funding sources, Equitas Finance has issued non-convertible debentures aggregating to ₹100 crore to FTMF on a private placement basis.
“This is one of the biggest NCD placement by the company since inception in 2011,” says the release. S Bhaskar, Chief Financial Officer of the Equitas Group, has said the company has developed expertise in lending to the largely excluded segments such as used commercial vehicles being bought by driver-turning-owner and also informal entrepreneurs of micro, small and medium enterprises.
IFMR Capital was the sole arranger for this issue.
‘Stable’ rating Equitas Finance, with 134 branches in 12 States, offers used commercial vehicle finance, loans against property and loans to micro, small enterprises. As on January 31, its net-worth was ₹616 crore, with comfortable capital adequacy of 38.74 per cent. Gross loan portfolio stood at ₹1,538 crore. Considering the performance of the company, India Ratings has assigned credit rating of IND A- with ‘Stable’ outlook for the borrowings of the company in April 2014. In November 2014, CARE has upgraded the ratings of the company from BBB+ to A-, the release adds.
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