Shriram Finance plans to raise up to $1.5 bn from overseas, says CEO

Indian non-banking lender Shriram Finance plans to raise up to $1.5 billion from the overseas market in the current fiscal year in a bid to diversify its borrowings, its chief executive told Reuters on Tuesday.

"We are targeting to raise anywhere between $1.25 billion to $1.5 billion (in fiscal year 2024-25)," CEO and Managing Director Y S Chakravarti said.

The fundraise will be through a combination of loans and bonds, he said.

Last November, Reserve Bank of India asked all lenders to set aside more capital on loans given to non-banking financial companies (NBFCs), such as Shriram Finance, which made raising funds more expensive.