Tiruchy-based non-banking finance company Grama Vidiyal Micro Finance Ltd (GVMFL) is planning to raise around Rs 100 crore by way of non-convertible debentures over the next three months. The money will be utilised to support the company’s expansion plan, said S Devaraj, chairman and managing director, GVMFL.
Speaking to reporters here on Tuesday, he said the company was planning to add 61 branches, which would take the total number to 215. The 25-year-old NBFC caters to 400,000 people and has set a target to increase it to 750,000 with a total disbursement of around Rs 350 crore during the current fiscal, compared with Rs 240 crore last year. It crossed the cumulative loan disbursement of Rs 1,000 crore as on July 2009.
The company operates in Tamil Nadu and is planning to enter Karantaka and Kerala during the current fiscal.
The NBFC-backed by Vinod Khosla, founder of Sun Microsystems, received second round of funding amounting to $4.25 million (around Rs 21.2 crore) from private equity investors including Micro Vest, Amar Foundation and Unitus Equity Fund last year.