IBEF: June 02, 2020
Fullerton India Credit Company Limited (FICC), Non-banking financial company (NBFC) has raised Rs 750 crore (US$ 106.40 million) from its parent Fullerton Financial Holdings.
These funds will support Fullerton India to further reach out to individuals and small businesses (MSMEs) by providing credit-based solutions to customers' needs, said Fullerton India in a release.
"As an NBFC focused on lending to individuals and small business (MSME), Fullerton India is poised to benefit from the various Government initiatives recently announced. This infusion will act as an additional capital buffer currently and convert to growth capital as we gradually reopen business," said Mr Rajashree Nambiar, MD and CEO, Fullerton India.
Mr Nambiar added that as bulk of company’s branches are in Green and Orange zones, it is well placed to bounce back strongly and re-connect with customers to assess their needs and provide solutions.
The company is rated AAA by Crisil, Icra and Care. Fullerton India said the capital infusion consolidates its growth agenda for lending to individuals and small business (MSME) segments.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.