Chennai, April 10 (SocialNews.XYZ) International Finance Corporation (IFC) plans to invest $100 million in secured debt of Hero Fincorp Ltd belong to the Hero Group.
Hero Fincorp is primarily into financing of two-wheeler purchases, loans to micro, small and medium enterprises (MSME), personal loans, used car purchase loans and corporate loans, IFC said.
According to IFC, the proposed investment will enable Hero Fincorp to expand is loan book across its business verticals.
The company will also deploy three times its loan amount, through its own resources and other sources of funding, towards the same target beneficiaries over the next three years, IFC added.
According to IFC, the consolidated loan portfolio composition of Hero Fincorp includes two-wheeler finance (37 per cent), used car finance (7 per cent), personal loans (11 per cent), home loans (6 per cent), MSME loans (21 per cent) and corporate loans (18 per cent).
The shareholders of Hero Fincorp include Hero MotorCorp Limited (41.2 per cent), investment companies of the Munjal family (38.3 per cent), Credit Suisse (2 per cent), Chrys Capital (10 per cent) and Apis Growth (2 per cent) and HFCL's dealers/employees (6.5 per cent).
Source: IANS
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