SMFG invests Rs 1,300 crore in SMFG India Credit Co Limited via rights issue

economictimes.indiatimes.com:

Sumitomo Mitsui Financial Group has invested Rs 1,300 crore in SMFG India Credit Co Limited through a rights issue, with the funds set to be used for expansion efforts in the latter’s housing finance business.

The Sumitomo Mitsui Financial Group holds 100% in SMFG India Credit Co, which was formerly Fullerton India Credit Company Limited. Following the fund infusion, SMFG India Credit Co has invested Rs 150 crore in its wholly owned subsidiary SMFG India Home Finance Co. Ltd.

“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,” said Pankaj Malik, Chief Financial Officer, SMICC.

SMFG India Credit Co’s assets under management were at Rs 42,487 crore as on December 31, 2023, up 24% on-year. From April 2023 to December 2023, the company’s disbursements were at Rs 28,790 crore, registering year-on-year growth of 46%. SMFG India Credit Co currently has 990 branches across India.

The firm’s services include financing SMEs for working capital growth, loans for commercial vehicles and two-wheelers, personal loans, and loans amongst property.