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Peerless Financial Services Ltd (PFSL), a new NBFC with a current loan book of Rs 44 crore, has planned to borrow around Rs 100 crore. PFSL, which completed its first full year of operations in 2014-15, has planned to raise additional funds gradually.
Sudama Ram, Managing Director and CEO of PFSL, told Business Line that this financial year the company would raise Rs 100 crore through bank borrowing and through inter-corporate loans to expand its loan book.
“In June, we paid off an earlier inter-corporate loan of Rs 15 crore”, he said. PFSL, which has Rs 50 crore equity, proposes to raise around Rs 50 crore through debenture in 2016-17.
The unlisted Kolkata-headquartered NFBC is also expanding geographically. “We are opening a branch in Mumbai this week. During this financial year, it has planned two more branches – one in Delhi and another in Bangalore.
The NBFC is a 93 per cent subsidiary of Peerless General Finance & Investment Company. The Peerless group at present has two operational verticals – financial services and hotels.
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