Jaipur, Sep 12 (PTI) MSME and vehicle loan provider Baid Finserv Ltd has approved a proposal to issue non-convertible debentures for up to Rs 250 crore on a private placement basis.

The company approved the issuance at its 32nd Annual General Meeting (AGM) held recently.

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The terms and conditions of the issue will be decided by the board of directors, a release said.

As a non-deposit-taking NBFC, the company established in 1991 provides auto loans, commercial vehicle loans, MSME loans, loans against property and other asset-backed loans and has recently expanded its operations into Madhya Pradesh, as well as semi-urban and rural areas of Rajasthan.

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For the first quarter of the current fiscal year, the company has reported a net profit of Rs 5.61 crore, with a growth of 131 per cent against Rs 2.40 crore in the corresponding period last year.

"The company's strategic vision is to address the lack of formal financing avenues in semi-urban and rural regions," the release said.

The company is operating through 32 branch offices across 25 districts in Rajasthan. In addition, the company has recently forayed into West Madhya Pradesh, setting up operations in 8 districts, with 5 branch offices.

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, the release added.

(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)