BENGALURU -Indian non-banking lender Shriram Finance plans to raise up to $1.5 billion from the overseas market in the current fiscal year in a bid to diversify its borrowings, its chief executive told Reuters on Tuesday.
“We are targeting to raise anywhere between $1.25 billion to $1.5 billion (in fiscal year 2024-25),” CEO and Managing Director Y S Chakravarti said.
The fundraise will be through a combination of loans and bonds, he said.
Last November, India’s central bank asked all lenders to set aside more capital on loans given to non-banking financial companies (NBFCs), such as Shriram Finance, which made raising funds more expensive.
(Reporting by Nishit Navin; Editing by Sonia Cheema and Savio D’Souza)
