Aditya Birla Capital Ltd (ABCL) is proceeding with plans to raise up to $300 million through external commercial borrowings (ECBs) in the current financial year even as non-banking financial companies continue to battle a liquidity squeeze.
The holding company ABCL has already secured board approval to raise up to ?3,500 crore through both equity and debt this year. ABCL CEO Ajay Srinivasan said the financial institution remains unaffected by the ongoing liquidity crisis and has a strong fundraising opportunity.
Srinivasan said, “we are looking to raise around $250-300 million for the non-banking finance company (NBFC) and $100 million for the housing finance company (HFC).”
“We had the ability to pass on the higher cost of funds. But the change in mix in NBFC to SME and retail and in HFC to affordable housing has allowed us to increase margin, we don’t expect the cost of funds to go up further,” he added.
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