Mumbai, Sep 21 (PTI) Education-focused Non-Banking Financial Company (NBFC) Avanse Financial Services on Wednesday said it has raised Rs 390 crores from its existing shareholders through rights issue.

The Rs 390-crore fund was raised from existing shareholders, including global private equity firm Warburg Pincus through its affiliate Olive Vine Investment and World Bank arm International Finance Corporation (IFC) as per their existing shareholding pattern -- 80 per cent and 20 per cent -- respectively, the NBFC said in a statement.

Also Read | Electric Scooter Battery Fire Kills 8-Year-Old Girl in the US: Report.

After the fresh infusion of funds, the company said its net worth stood at Rs 1,450 crore.

The company's assets under management stood at Rs 4,836 crore at the end of March 2022.

Also Read | Tecno Pova Neo 5G India Launch on September 23, 2022.

The equity raised will enable Avanse to strengthen its balance sheet and capital adequacy ratio, it added.

"We will utilise this freshly infused capital to reach out to more education aspirants to fulfil their academic dreams. The current round of rights issue validates our strong commitment to democratising education and education financing in India," Avanse Financial Services Managing Director and Chief Executive Officer Amit Gainda said.

Set up in 2013, as a NBFC, Avanse caters to financing needs of students, professionals and education institutions.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)