Mumbai : The Bangalore-based urban markets focused microfinance firm Ujjivan Financial Services on Monday said it is planning to raise Rs 100 crore through a private placement by November.
"We are looking at raising fresh equity of around Rs 100 crore by way of a private placement. This should happen by October November," Ujjivan Founder and Managing Director Samit Ghosh said.
On whether he has already approached some prospective investors, Ghosh said, "Yes, we are already in talks with our existing shareholders as some of them are interested in raising their stakes further, as well as some others."
Ghosh further informed that the company has last week got approval from the state-run Syndicate Bank for a Rs 25 crore funding this month.
"This is the second tranche of funding from banks and Sidbi since April. Last month, we had received Rs 45.5 crore term funding from Sibdi, and another Rs 55 crore from three banks - Corporation Bank, State Bank of Travancore and the private lender Axis Bank," Ghosh said.
While the Sidbi is a two-year term loan, those from the banks are for a one-year loan, which are released for lending to our borrowers, the ex-Citibanker who set up the MFI in 2005 said. He was also associated with Standard Chartered Bank and HDFC Bank besides a few other banks during his three decades of career in the banking space.

Recently, the company had also raised Rs 55 crore through two non-convertible debentures issues arranged by StanChart.