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Sidbi plans Rs 10,000 cr rights issue next fiscal
The Business Guardian
|September 18, 2023
The Small Industries Development Bank of India (Sidbi), which refinances SME loans, intends to do a Rs 10,000 crore rights issue the following fiscal year to increase its equity capital as it anticipates asset growth to Rs 5 lakh crore by March 2024 from roughly Rs 4 lakh crore in March 2023.
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The central government owns 20.8 per cent in Sidbi, while State Bank of India holds 15.65 per cent and Life Insurance Corporation 13.33 per cent. The rest of the equity is held by other public financial institutions and banks. The shareholders will subscribe to the proposed rights issue. The lender's loan growth optimism comes from the demand for direct financing that is growing by leaps and bounds, which two years ago was only 7 per cent of its book but is now 14 per cent.
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