Mumbai: Sicom Ltd, a non-banking financial company (NBFC) formed to finance industries in Maharashtra, is looking to raise ₹400 crore from the state government and other institutions as it tries to wriggle out of the RBI’s lending restrictions. To that end, the NBFC is looking to raise additional capital to aid its lending activities once it is allowed to. She said that Sicom will raise around ₹400 crore, of which ₹100 crore will come in the form of perpetual debt from the government; ₹150 crore as equity from the government and ₹150 crore from Maharashtra Industrial Development Corporation (MIDC). As of March 2018, the government of Maharashtra holds a 49.07% stake in Sicom. It also advised Sicom to avoid lending to risky sectors like real estate.

Source: Mint May 07, 2019 11:48 UTC