Fri. Mar 29th, 2024
international finance corporation

Bajaj Finance, One of the biggest financing companies of India is looking to raise ₹1000 crores ($150 million) from International Finance Corporation. A report in Economic Times quoted IFC that it is looking to subscribe to non convertible debentures of Bajaj Financing.

Along with Bajaj Financing, IFC is also said to be in talks with Fullerton India and Capital first and rumours are that it could invest ₹650 crores ($100 million) and ₹325 crores ($50 million) in the two mentioned companies respectively.

IFC is working with a strategic target of financing 1 crore micro small and medium enterprises.

Based in Pune, Bajaj Finance has disbursed loans of over ₹50,000 crores, out of which, 43% has been sanctioned to consumer financing, 42% to SME financing, 12% to commercial business and 3% to the rural sector.

In the third quarter of last fiscal year, Bajaj Finserv, the holding company for financial services under Bajaj Group had reported 36% rise in net profit.

By Prithviraj Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.