IFCI to raise ₹3,000 cr. to fund growth

The country’s oldest public sector financial institution IFCI plans to raise ₹3,000 crore from debt, including bonds, in the current fiscal to aid expansion of its loan book. The firm is looking at fresh lending worth ₹6,000 crore, including take-out finance where IFCI will pick up stake from other lenders in 2018-19.

“On an average, we will be targeting loan sanction of ₹500 crore per month during this year. To fund this, we have to raise ₹3,000 crore from debt,” IFCI MD & CEO E.S. Rao said. Besides, the lender expects to recover about ₹2,000 crore from the resolution of non-performing assets in the current fiscal.