Capital India Finance raises capital
In New Delhi, Non-banking financial company Capital India Finance on Wednesday said it plans to boost up to INR 1,000 crore by issuing debt securities.
The board of directors at its meeting persisted Wednesday approved raising of funds, in Indian/foreign currency, of up to INR 1,000 crore through the issue of non-convertible debentures/bonds and medium-term notes and other debt securities, Capital India said during a regulatory filing.
The fundraiser is subject to shareholders’ agreement and other regulatory approvals.
It also reported its financial results for FY21, registering over a 56 per cent dip in consolidated net income at Rs 6.08 crore as against Rs 13.86 crore within the preceding fiscal. The total income of the annual year, however, soared multi-fold from INR 579.51 crore to INR 179.27 crore in FY20.
The board of Capital India Finance has recommended a final dividend of Rs 0.10 per share of Rs 10 each for the financial year ended March 31, 2021, it said. The dividend declaration is objected to the approval of shareholders of the company’s annual general meeting. The company also said that the Capital India Finance’s board has consented to the appointment of Mr Vineet Kumar Saxena as a chief military officer of the corporation with effect from May 26, 2021. It also cleared the appointment of Subhash Chander Kalia as a further director within the category of independent director for a time period of 5 years starting from May 26, 2021.
Saxena can be a banker and a finance professional, with two decades of work experience in commercial and retail lending functions. Kalia has over 38 years of experience in public sector banking both in India and overseas. Capital India may be a technology-enabled SME finance platform. It partners with small and medium businesses with customised finance solutions. It’s also engaged in retail finance, remittance and payments solutions.