SIDBI to raise Rs 13,500 cr in FY '14

SIDBI to raise Rs 13,500 cr in FY '14

Small Industries Development Bank of India (SIDBI) plans to raise Rs 13,500 crore through a mix of bonds and other instruments during the current fiscal to fund its business activities.

“We plan to raise Rs 13,500 crore from the market in 2013-14,” SIDBI Chairman and Managing Director Sushil Muhnot said.

Funds would be raised through various instruments including bonds, Certificate of Deposits (CDs) and fixed deposits, he said.

SIDBI recorded a 47.7 per cent jump in its net profit at Rs 837 crore for 2012-13 as compared to Rs 567 crore in the previous financial year.

The total gross income of the bank grew to Rs 5,401 crore for 2012-13, from Rs 4,607 crore in 2011-12.

He said, the bank has been focusing on specialised finance products, which have grown 45 per cent from Rs 6,321 crore to Rs 9,155 crore in 2012-13.

Such specialised financing is in the form of venture capital, loans for improving energy efficiency and implementing cleaner production technologies, loans to the service sector, receivable financing or factoring, he said.