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Mumbai: Shriram City Union Finance has infused 200 crore into its housing finance subsidiary, Shriram Housing Finance Limited (SHFL), the latter said in a statement on Friday.

The board of Shriram City Union Finance has also approved an investment of up to 500 crore into SHFL over the next two years, including the recent 200 crore infusion. The current infusion will increase SCUF’s holding in SHFL to 81.16% from existing 77.25%.

According to the statement, the funds will be used to provide growth capital to the fast-growing mortgage lender and enable it to expand its distribution network and customer base. The net worth of Shriram Housing Finance, at 576 crore as on 31 March, has now reached up to 776 crore with this investment.

Ravi Subramanian, managing director and chief executive of Shriram Housing Finance said the capital infusion will help expand the business and support growth plans for the next 12-15 months.

“We have had a great FY21 and with this capital at our disposal, we expect to ride out the second wave of the pandemic and come out stronger in FY22. We have always focused on growing our business without compromising on quality and we look forward to continue doing the same," said Subramanian.

Last month, the affordable housing finance company said it will absorb the cost of covid-19 vaccination for customers.

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