Kirloskar Group NBFC Targets Rs 800 Cr AUM Growth by March
By Rediff Money Desk, MUMBAI Dec 05, 2023 18:17
Arka Fincap, a Kirloskar Group NBFC, aims to increase its Assets Under Management (AUM) to Rs 5,000 crore by March 2024, focusing on lending to small businesses. The company plans to expand its branch network and employee base.
![Kirloskar Group NBFC Targets Rs 800 Cr AUM Growth by March](https://im.rediff.com/money/2021/apr/08nbfc.jpg)
Illustration: Dominic Xavier/Rediff.com
Mumbai, Dec 5 (PTI) Arka Fincap, a non-bank lender promoted by the Kirloskar Group, on Tuesday said it is aiming to add another Rs 800 crore to its Assets Under Management (AUM) by March 2024.
The shadow bank, which announced its plans to raise up to Rs 300 crore from a non-convertible debentures issue, will be focusing on lending to small businesses going forward, according to a statement.
Its AUM currently stands at Rs 4,200 crore and the NBFC is aiming to close FY24 with an AUM of Rs 5,000 crore, the statement said.
Further, it said the company plans to open 10 more branches by March to take its overall network to 40 branches, and will be adding about 175 employees to take its overall staff size to 500 by March 2024.
Kirloskar group had infused Rs 1,000 crore into the NBFC commenced operations in 2019.
It is offering coupons of up to 10 per cent on the NCDs, the statement said, adding that the NCDs come in three tenors of 24 months, 36 months and 60 months.
The shadow bank, which announced its plans to raise up to Rs 300 crore from a non-convertible debentures issue, will be focusing on lending to small businesses going forward, according to a statement.
Its AUM currently stands at Rs 4,200 crore and the NBFC is aiming to close FY24 with an AUM of Rs 5,000 crore, the statement said.
Further, it said the company plans to open 10 more branches by March to take its overall network to 40 branches, and will be adding about 175 employees to take its overall staff size to 500 by March 2024.
Kirloskar group had infused Rs 1,000 crore into the NBFC commenced operations in 2019.
It is offering coupons of up to 10 per cent on the NCDs, the statement said, adding that the NCDs come in three tenors of 24 months, 36 months and 60 months.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Ripley & Co to...](https://im.rediff.com/80-80/money/2024/jan/29port.jpg)
Ripley & Co to Modernize Haldia Berth with Rs...
Ripley & Co and Bothra Shipping Services will invest Rs 600 crore to automate and...
![India To Set Up...](https://im.rediff.com/80-80/money/2020/sep/15business-2.jpg)
India To Set Up Centre For Trade Negotiation...
India's Commerce Ministry plans to establish a centre for negotiation skills to...
![SBI 444-Day Term...](https://im.rediff.com/80-80/money/2017/aug/01bank.jpg)
SBI 444-Day Term Deposit: Up to 7.25% Annual...
State Bank of India launches a 444-day term deposit offering up to 7.25% annual...