Srei likely to float infra debt fund by January

Tags: Companies
Kolkata-based non-banking finance company Srei Infrastructure Finance is hoping to launch its first scheme under the infra debt fund (IDF) structure by January, 2013.

"We have just received the approval from Sebi for launching an IDF through the mutual fund route. We will start the process now and are hopeful of launching the scheme in January," Srei Chairman and Managing Director Hemant Kanoria told PTI over phone from Kolkata today.

He, however, said it is difficult to say how much the company is planning to raise through this route.

"It's still early days. We have just received the approvals. These things will be finalised later," Kanoria said, adding he is expecting "sound" response to the fund.

"IDF is required as the country is set to invest huge amounts into the infra sector and banks are close to hit their infra exposure limit. So, the IDF should get sound response from investors."

The government has allowed financial institutions to float IDFs through the mutual fund route or structure it as an NBFC to attract long-term savings into the infrastructure sector.

The government has estimated that a whopping $1 trillion will be required during the next five years for developing the country's infrastructure.

Srei Infrastructure reported an over five-fold growth in net profit at Rs 130.20 crore in the second quarter ended September 30, while its consolidated income grew 34 per cent at Rs 788 crore from Rs 588 crore in the same period of the previous fiscal.

EDITORIAL OF THE DAY

  • Stricter deterrent must to force defiant promoters to buy back shares

    The Securities and Exchange Board of India’s (Sebi’s) decision to delist companies that have been suspended from trading on stock exchanges for mo

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Political rhetoric makes for counter poetry

Poetic flourishes flavour politics. Ghalib and Hafez flowed profusely to ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture