Bhartiya Samruddhi Finance Limited (BSFL), a microfinance institution which recently received more than Rs 100 crore from private equity investors is now planning to raise about Rs 75 crore by issuing non convertible debentures (NCDs) within the next few months.
The NCD issue is expected to be subscribed by SIDBI (Small Industries Development Bank of India) and would be listed on a stock exchange later.
Speaking to the Economic Times, BSFL chief executive officer Sajeev Viswanathan said they might go for an IPO only by 2013.
The company currently has an outstanding of Rs 1,000 crore and networth of a little more than Rs 200 crore. With the new capital infusion of Rs 75 crore through NCD’s it will be able to have an outstanding of up to Rs 2,400 crore.
The company also plans to increase its operations in urban areas and has drawn up aggressive growth plans and intends to add about 400 employees every month at the field and managerial levels to take the number of employees to 10,000 by the end of this financial year. BSFL currently has 6,000 staff members. In three years, it is looking at becoming a 25,000-strong employee microfinance institution and has tentatively planned to do it’s initial public offering (IPO) by 2013.