Altico Capital plans to raise Rs. 7,000 cr

November 07, 2017

MUMBAI: Altico Capital, a non-banking finance company promoted by Clearwater Capital, Abu Dhabi Investment Council and Varde Partners, has got the board approval to raise Rs. 7,000 crore. 

Over the past 18 months, the NBFC has raised debt of Rs. 5,000 crore from over 40 of lenders which include multilateral financial institutions, public and private sector banks, debt capital markets, NBFCs, corporates and ECBs.

Some of its lenders include the IFC, Deutsche Bank, Mashreq Bank, SBI, BoB, PNB, HDFC Bank, and Kotak Bank among others apart from mutual fund houses like Franklin Templeton, UTI, Reliance, SBI AMC.

The funds being raised would be used to support the company’s asset pipeline in its focus areas, the company said in a statement.

Commenting on growth plans, Amit Pachisia, chief credit officer, said the NBFC continues to engage with developers focused on completing their under-construction projects to meet their Rera timelines. Another key area is to focus on funding growth capital requirements of developers in the affordable housing segment.

Altico’s current portfolio comprises 16 per cent mass housing apart from funding commercial/office construction activity besides industrial and warehousing space, he said.

Altico has so far deployed over Rs. 7,000 crore across 100 projects covering over 100 million sq ft area in seven cities, Sanjay Grewal, chief executive at Altico said.

It also recently concluded its first ECB issuance of Rs. 320 crore with Mashreq Bank.

The NBFC also said over 80 per cent of the existing debt are of long term tenor.

 

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