Sumitomo Mitsui Financial Group Infuses Rs 3,000 Crore Into SMFG India Credit Via Rights Issue – News18
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As of September 30, 2024, SMICC’s Asset Under Management (AUM) stood at Rs 49,800 crore, showcasing a year-on-year growth of 25.1 per cent.
With this latest capital infusion of Rs 3,000 crore, SMICC has received the highest-ever fund infusion of Rs 4,300 crore for any financial year since inception.
Sumitomo Mitsui Financial Group (SMFG) of Japan has said it has made a capital infusion of Rs 3,000 crore in SMFG India Credit (SMICC) through a rights issue to expand business. This investment also includes ₹300 crore directed towards its wholly-owned subsidiary, SMFG India Home Finance Co. Ltd (SMFG Grihashakti).
SMFG in April 2024 had infused Rs 1,300 crore in SMICC (formerly Fullerton India Credit Co Ltd) via rights issue and with this latest capital infusion of Rs 3,000 crore, SMICC has received the highest-ever fund infusion of Rs 4,300 crore for any financial year since inception, the company said in a statement.
This strategic investment reflects SMFG’s unwavering focus on supporting SMICC’s growth trajectory and enhancing financial inclusion across the nation, it said.
As of September 30, 2024, SMICC’s Asset Under Management (AUM) stood at Rs 49,800 crore, showcasing a year-on-year growth of 25.1 per cent.
Post this infusion, SMICC’s Capital Adequacy Ratio (CAR) is expected to strengthen further, reinforcing the company’s robust financial foundation, it said.
