Shriram Finance aims to raise Rs 20,000 crore in FY24

The company's total AUM was Rs 1.77 lakh crore as of December 31

India's Shriram Finance is looking to raise as much as Rs 20,000 crore ($2.44 billion) to fund its growth in the next financial year starting April, a senior company official told Reuters on Monday.

The retail non-banking finance company aims to grow its assets under management (AUM) by 15 per cent in 2023/24 to around Rs 1.9 lakh crore to Rs 2 lakh crore, Umesh Revankar, executive vice chairman of Shriram Finance, said.

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The company's total AUM was Rs 1.77 lakh crore as of Dec. 31.

"We will mostly be looking at ECB loans rather than dollar bonds. Right now, the (dollar) bond market is very volatile," Revankar said.

The company will also raise funds from local banks and the domestic capital market among others, alongside the ECB borrowings, he added.