Religare Finvest,the wholly- owned NBFC subsidiary of Religare Enterprises,today said it has got Rs 150-crore investment from Avigo Capital. "We are pleased to announce completion of capital infusion by Avigo Capital in Religare Finvest. This transaction (in the form of compulsory convertible preference shares) reaffirms our commitment towards the SME-focused business model," Religare Finvest Chief Executive Kavi Arora said in a statement here. He said the company is well-positioned to capitalise the existing business opportunities with this investment. Religare Finvest,which has a large focus on SME financing,raised Rs 754 crore from a retail issue of non- convertible debentures earlier this year. It's loan book stands at Rs 11,380 crore as of the September quarter. Referring to the investment,Avigo Capital Managing Partner Achal Ghai said,"this transaction is in sync with our investment philosophy and investee companies." Religare Finvest provides debt capital to SMEs in the form of loans against property,working capital loans,loans against plant and machinery,vehicles and construction equipment and loan against marketable securities among others.
