Baid Finserv Ltd, one of India's leading MSME loans and Vehicles loan provider has approved the proposal of issuance of Non-Convertible Debentures for an amount not exceeding Rs. 250 crore on private placement basic.
As per the release, company approved the issuance at its 32nd Annual General Meeting (AGM) held on September 7, 2023. The terms and condition of the issue will be decided by the board of directors. For the Q1FY24 ended June 2023, company has reported net profit of Rs. 5.61 crore with a Y-o-Y growth of 131% as against net profit of Rs. 2.40 crore in the corresponding period last year. Revenue from operations during Q1FY24 reported a growth of 29.6% to Rs. 18.24 crore as compared to revenue from operations of Rs. 12.83 crore in Q1FY23.
The company's strategic vision is to address the lack of formal financing avenues in semi-urban and rural regions, where there is a significant need for financial support. By catering to these underserved areas, Baid Finserv aims to bridge the gap and empower small business owners and individuals with access to financial resources.
Baid Finserv Limited has strategically positioned itself in underbanked regions, with a well-established presence in East Rajasthan, operating through 32 branch offices across 25 districts. In addition, the company has recently forayed into West Madhya Pradesh, setting up operations in 8 districts with 5 branch offices. Looking towards the future, the Executive Committee of the Board of Directors has approved plans to strengthen the company's presence and customer reach in Gujarat and Maharashtra by opening new branches.
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