Japan's Sumitomo Mitsui Financial Group (SMFG) has invested Rs 1,300 crore in SMFG India Credit Co Ltd through a rights issue to expand its market presence.
SMFG India Credit Co Ltd (SMICC) also invested Rs 150 crore in its wholly owned subsidiary, SMFG India Home Finance Company, the Japanese firm said in a release on May 7.
"SMICC has invested Rs 150 crore in SMFG Grihashakti, to augment its endeavour of bringing affordable housing finance solutions to the underserved population in the country. With this infusion, we are poised to amplify our market presence, drive sustained growth and deliver value to our customers," Pankaj Malik, Chief Financial Officer, SMICC, said in a release.
SMFG India Home Finance Company is also known as SMFG Grihashakti.
At the end of the December quarter, SMICC managed assets worth Rs 42,487 crore, which was up 24 percent from the year-ago period. Disbursements during the April- December period grew 46 percent to Rs 28,790 crore, the release said.
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