The Murugappa Group's non-banking financial arm Cholamandalam Investment and Finance Co Ltd announced that it is planning to raise around INR300 crore. Cholamandalam Investment and Finance Co. said they may try to pool the funds from private equity funds, qualified institutional placement (QIP), or through other investment routes.
Vellayan Subbiah, speaking to media on the sidelines of firm's annual general assembly on Wednesday, said that the funds will be raised between 2014 and 2015. Mr. Subbiah added that the exact timing of the launch, however, will depend on the environment. Vellayan Subbiah is the managing director of Cholamandalam Investment and Finance Co Ltd. "Mode we have not decided yet, we will look at traditional routes including QIP. PE is also an option, we are yet to take a final call on the route," Mr. Subbiah was quoted saying.
Mr. Subbia said that the firm's management team is looking to pull the growth of the company by about 15-20% before the current fiscal year ends. "Current year is definitely going to be more challenging than last year and the company sees significant head winds in the economy. But we are convinced that its going to be a good year," he said.
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