The board of Redington India in its meeting on 12 December 2009 has approved further investment of upto USD 29 million (approximately Rs 140 crore) in the equity share capital of Easyaccess Financial Services (EFSL), a wholly owned subsidiary of the company.
EFSL has grown its book size to over Rs 390 crore in less than 2 years of its start of operations and continue to grow at an aggressive pace. Anticipating additional fund requirement in EFSL to capture the increased volume of business and to meet the capitalization requirement in EFSL as prescribed under the foreign direct investment (FDI) guidelines, the company is making this further investment.
Source :www.biginfotech.in
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