On a private placement basis to issue non-convertible debentures for up to Rs 250 Cr, MSME and vehicle loan provider Baid Finserv Ltd has approved.
In the recent 32nd Annual General Meeting (AGM), the company approved the issuance. The terms and conditions of the issue will be decided by the board of directors, a release said.
Founded in 1991, the non-deposit-taking NBFC offers car loans, commercial vehicle loans, loans for small and medium-sized businesses (MSME), loans secured by property, and other asset-backed loans. It has lately expanded its activities into Madhya Pradesh as well as semi-urban and rural areas of Rajasthan.
For the first quarter of the current fiscal year, the company has posted a net profit of Rs 5.61 crore, with a growth of 131 per cent against Rs 2.40 crore in the corresponding period last year.
“The company’s strategic vision is to address the lack of formal financing avenues in semi-urban and rural regions,” the release said.
In 25 districts in Rajasthan, the organization has 32 branch offices. The business has also lately expanded into West Madhya Pradesh, establishing operations in 8 districts and 5 branch offices.
The executive committee of the Board of Directors has approved plans to strengthen the company’s presence and customer reach in Gujarat and Maharashtra by opening new branches, the release added.
On Wednesday at 12.45 p.m.., shares were trading 2.1% down at Rs 36.30 on NSE.
