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The board of Shriram City Union Finance (SCUF) has approved an investment of up to ₹500 crore in Shriram Housing Finance Ltd (SHFL) over the next two years. Of this, ₹200 crore has been invested.
The current infusion of ₹200 crore will increase SCUF’s holding in SHFL to 81.16 per cent from the existing 77.25 per cent, SHFL said in a statement. With this investment, he networth of SHFL goes up to ₹776 crore.
Also read: Shriram Housing Finance launches video-based credit underwriting
The funds will provide growth capital to the housing finance company (HFC) and enable it to expand its distribution network and customer base, the statement added.
Ravi Subramanian, Managing Director & CEO, SHFL, said, “This capital infusion will help us expand our business and support our growth plans for the next 12-15 months…we expect to ride out the second wave of the pandemic and come out stronger in FY 2022.”
YS Chakravarti, Managing Director of SCUF, observed that the affordable housing space continues to impress and interest SCUF. The HFC is now well capitalised and poised for growth.
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