(MENAFN- KNN India) Edelweiss to invest Rs.700 crore to cater SME, Mortgage and agriculture sector
New Delhi, Nov 21 (KNN) Edelweiss Financial Services will invest Rs 700-800 crore per year in its retail lending business to expand its loan share to SME (Small & Medium Enterprise) , mortgage, and agriculture sector.
Rashesh Shah, Chairman and Chief Executive Officer Edelweiss Financial Services in a press statement said that the Edelweiss had been expecting to have a lending business of Rs 4,000-5,000 crore each year in the retail segment, comprising housing, small- and medium-sized enterprises, and agriculture.
He added that the company had already raised Rs 1,527 crore through QIP(Qualified Institutional Placements) of equity shares and had been further planning to raise capital up to Rs 2000 crore from investors through routes such as rights issue ,QIP and preferential issue.
According to the QIP document, the company will use the raised amount through QIP route to augment long-term resources, fund growth and expansion, maintaining capital adequacy, and consolidation of its subsidiaries.
Anil Kothuri, head, retail mortgage and SME, Edelweiss Group, said the retail segment comprises four lines — mortgages, SME, agriculture, and loans against shares and the company had been focusing on the mortgages and SMEs.
Edelweiss' total assets amounts to Rs 1.9 lakh crore with those on balance stood at Rs 47,800 crore and Rs. 1.43 lakh crore worth of assets are assets under management at end of September 2017. (KNN/AG)
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