SRG Housing Finance to convert to NBFC-ICC
SRG Housing Finance Ltd announced that its Board of Directors has in-principle approved the voluntary conversion of the company from a Housing Finance Company (HFC) to a Non-Banking Financial Company – Investment and Credit Company (NBFC-ICC). This conversion is subject to obtaining necessary approvals from the Reserve Bank of India (RBI) and other relevant authorities. The proposed change aims to diversify the company's product portfolio into segments like Home Loans, Loan Against Property (LAP), Business Loans, and MSME Loans, thereby expanding its addressable market. The management has been authorized to initiate the application process with the RBI and NHB. Until approvals are granted, the company will continue to operate as an HFC.
Key Highlights
- Board approves in-principle conversion from HFC to NBFC-ICC.
- Conversion aims to diversify product portfolio and expand market reach.
- Subject to RBI and other regulatory approvals.
- Management authorized to pursue necessary applications.
- Company to continue operating as HFC until conversion is effective.
Price Impact
More from SRGHFL