Religare Finvest (RFL), the non-banking finance arm of Religare Enterprises, could infuse an additional equity of Rs 650 crore in order to meet a lending target of around Rs 5,000 crore by March 2011 under its consumer business segment.
According to industry sources, the firm, which focuses on mortgage loans, commercial assets and loans to small and medium enterprises under its consumer lending vertical, is targeting a book size of Rs 1,700-Rs 1,800 crore by March 2010.
"It is aiming for about Rs 5,000 crore by March 2011 under the consumer lending vertical and to meet that kind of target it could infuse an additional equity of Rs 650 crore to enhance its fund raising capacity," a source said.
When contacted, RFL Chief Executive Officer Kavi Arora said, "Since December last year, we have Rs 1,250 crore of assets (book size of consumer lending vertical) in line with what we have planned but we will not like to make any forward looking comments."
He, however, said the current equity capital of the company is at Rs 1,350 crore.
