“The board of Shriram City Union Finance has also approved an investment of up to Rs 500 crore into SHFL over the next two years, Rs 200 crore of which has been invested now,” SHFL said in a release.
The current infusion will increase SCUF’s holding in SHFL to 81.16 per cent from the existing 77.25 per cent, it said.
SHFL Managing Director and CEO Ravi Subramanian said the capital infusion will help the company expand its business and support growth plans for the next 12-15 months.
“We have had a great FY21 and with this capital at our disposal, we expect to ride out the second wave of the pandemic and come out stronger in FY2022,” he said.
With this investment, SHFL’s net worth has increased to Rs 776 crore from Rs 576 crore as of March 31, 2021, according to the release.
In the fiscal ended March 31, 2021, the housing finance company’s profit after tax grew by 34 per cent to Rs 62.4 crore.
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