Ugro Capital raises about Rs 400 crore

Mid-sized non-banking lender Ugro Capital has raised about Rs 400 crore from banks and through other debt instruments as it expects credit demand to gather momentum with the coronavirus-induced lockdown getting lifted in most parts. The fundraising during the course of the first quarter comes even as it sits on a liquidity of over Rs 300 crore, the company said in a statement on Thursday.

On the asset side, it said as much as 63 per cent of the loan book of Rs 847 crore is under moratorium but 69 per cent of the total assets are secured.

The company's optimism about loan demand stems from rising disbursals which has reached 80 per cent of pre-lockdown levels, it said.


"We have cumulatively raised Rs 397 crore from public and private sector banks in term loans and through the government's partial credit guarantee scheme and the targeted long-term repo operations announced by the central bank," Shachindra Nath, chairman and managing director of Ugro Capital, was quoted saying in the statement.

But, during March-July, it sanctioned Rs 150 crore loans, of which over Rs 100 crore are yet to be drawn down.