365Telugu.com Online News, September 13th, 2023: 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.
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.
Established in 1991, Baid Finserv Ltd is India’s leading vehicle loan and MSME loan provider. As a Non-Deposit Taking NBFC, the company provides Auto Loans, Commercial Vehicle Loans (new & used), MSME Loans, Loan Against Property, and other asset-backed loans.
Having a strong focus on serving the underserved, the company has recently expanded its operations into Madhya Pradesh, as well as semi-urban and rural areas of Rajasthan. The core objective of Baid Finserv is to make finance accessible at a reasonable cost while maintaining utmost transparency in all dealings.
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. Company at its AGM also declared final dividend of Rs. 0.10 per share (5% of Equity Share of Rs. 2 each) for FY 22-23.
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.
Throughout its journey of growth and expansion, trust has been the cornerstone of Baid Finserv Limited’s values. With the unwavering support and commitment shown by its stakeholders, the company has built a strong market reputation and is dedicated to upholding this legacy for generations to come.
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.
This strategic step aims to further extend the company’s footprint, reach new markets, and provide transparent financial services to an even broader customer base.
Baid Finserv Limited remains dedicated to its mission of fostering financial inclusion and promoting growth in the regions it serves. By focusing on the needs of its customers and maintaining a commitment to excellence, the company is committed to continued customer service excellence.