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Report: Bharat Financial seeks to raise 6B rupees in additional funds

BharatFinancial Inclusion Ltd. is looking to raise up to 6 billion rupeesthrough a qualified institutional placement, Mint reported July 14, citing "three persons aware of thedevelopment."

The company has been engaged in discussions with investmentbanks to help with the fundraising exercise. The additional funds will help thecompany bolster its capital base and increase its lending ability, said one ofthe persons cited by the publication.

The company's board had in May approved raising capital upto 7.5 billion rupees through a sale of securities.

The company did not respond to emails from the publicationseeking comment.

As of July 13, US$1was equivalent to 67.01 Indian rupees.