Private equity firm Everstone Capital is likely to invest more money in Hinduja Leyland Finance Ltd, which deferred its initial public offering last month.
Hinduja Leyland Finance is planning to raise up to Rs 200 crore ($31 million) from its existing shareholders, The Economic Times reported citing CEO Sachin Pillai.
The non-banking financial company majority owned by commercial vehicle maker Ashok Leyland Ltd will raise the funding in the next three quarters, Pillai said. The shareholders will invest in proportion to their stake in the company, he added.
Everstone held a 14% stake in the NBFC as on 31 March 2016, according to VCCEdge, the data research arm of VCCircle. The promoter group companies held the remaining stake.
The fundraising plan comes after the company postponed its plans to go for an initial public offering last month.
In January, the company had raised Rs 280 crore (around $41 million) from existing investors through a rights issue to improve its capital adequacy ratio.
The company, which began operations in March 2010, provides financing for commercial vehicles as well as cars, three-wheelers and two-wheelers.
As on 31 March 2016, it had as much as Rs 10,000 crore of assets under management. It registered a net profit of Rs 150 crore on total operating revenue of Rs 1,146 crore.
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