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MMFS raises $100 mn via QIP

MMFS raises $100 mn via QIP
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First Published: Tue, Oct 19 2010. 10 38 PM IST
Updated: Tue, Oct 19 2010. 10 38 PM IST
Mumbai: Mumbai-based non-banking financial company (NBFC) Money Matters Financial Services Ltd. has raised $100 million through a qualified institutional placement (QIP) which will aid it in furthering its debt market business, a senior official of the company informed.
”We believe this is the right opportunity to build a balance sheet to lend to corporate lending,” informed Abhishek Jain, executive director. He added that the company also had sufficient seed capital with cash of around $60 million.
”We will keep away from retail lending including housing finance activities and lending against shares,” informed Jain. Post the QIP, promoter shareholding reduced by 14.11% from 69.12% stake as on September 30, 2010.
Share price of the stock fell 0.10% on Tuesday to end at Rs 692.65 per share on the Bombay Stock Exchange (BSE).
The company declared a net profit of Rs 39.42 crore in the first quarter ended June 30, 2010.
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First Published: Tue, Oct 19 2010. 10 38 PM IST