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Altico Capital India gets board nod to raise ₹2,000 crore
Mumbai-headquartered non-banking finance company Altico Capital India has received board approval to raise ₹2,000 crore through a mix of instruments. The company will raise the funds through bank lines, and issue of commercial papers and non-convertible debentures (NCDs).
The company will use the proceeds to finance mid-income and affordable housing across tier-I cities, said Sanjay Grewal, Chief Executive Officer at Altico Capital.
The NBFC focuses on senior secured lending to residential projects in the real estate sector across tier-1 cities.
"Altico Capital is well-positioned to capitalise on direct lending opportunities in India, with a focus on making senior secured loans to the real estate sector whilst retaining the flexibility to invest across multiple strategies," Grewal said.
"We expect to deploy $400 million every year for the foreseeable future given the overall requirements in the mid-income and affordable housing segment," he added.
Separately, the company has also appointed Dhruv Jain as its Chief Financial Officer.