Chennai-based micro finance lending Equitas today said it had infused a fresh capital of Rs.50 crore which would help it enhance its borrowing capacity for micro finance lending.
P N Vasudevan, its Managing Director, told reporters that the fresh capital infusion had made his company the fourth highest capitalised micro finance institution in the country.
The conpulsory convertible preference shares by three investors--Bellwether Microfinance fund, Indian financial inclusion fund and MVA ventures had been converted into equities, taking the equity from Rs15.5 crore to Rs.65 crore, he said adding Rs five crore would be brought by promoters in October.
The infusion of fresh capital would help the company finance more number of self-help groups in urban areas,he said.
