National Collateral Management Raising $22.4M

India’s National Collateral Management Services Ltd will raise 1.01 billion rupees ($22.4million) by selling shares to six private equity investors, including India Agri Businness Fund and International Finance Corp., Reuters reported. The money will be used to set up new warehouses and fund growth, the company said.

(Reuters) – National Collateral Management Services Ltd will raise 1.01 billion rupees by selling shares to six private equity firms to set up new warehouses and fund growth, Managing Director Sanjay Kaul told reporters on Tuesday.

India Agri Businness Fund (IABF), promoted by Rabobank, will invest 345 million rupees, International Finance Corp (IFC) will invest 275 million rupees and IFFCO 237.5 million rupees, he said.

Besides Karur Vysya Bank , HAFED and National Commodity and Derivatives Exchange will invest 91.5 million rupees, 48.5 million rupees and 20 million rupees, respectively.

“This initiative is part of a 3-billion-rupee investment plan for setting up new warehouses and other expansion-related activities,” Kaul said.

(Reporting by Deepak Sharma; Editing by Harish Nambiar)