, ET Bureau|
Jul 02, 2018, 03.01 PM IST
Kolkata: Non-bank lender Capital First has picked up 7per cent equity stake in Kolkata-based microfinance company Village Financial Services for an undisclosed sum.
This is Village Financial's second equity infusion. In last March the firm had raised equity for the first time from Mumbai based Param Capital.
The company said it would use the proceeds to expand its presence across the country as well as to increase its gross outstanding loan portfolio.
"The enhanced net worth will help us implement our growth plans. We are looking for more equity investments in the current fiscal," Managing Director Kuldip Maity said.
"We are also in the process of tapping capital markets. Expanding our network is imperative to achieve the objective to reach 20 states by 2020," he said.
The firm is targeting its loan book to cross Rs 1500 crore by end of this financial year compared with Rs 725 crore as of March, 2018.
"East contributes the maximum chunk of our business. Now we are focusing on a steady growth in the central and western India," Maity said.
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