BlackOpal forays into NBFC sector

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New Delhi, Mar 10 (PTI) Asset management company BlackOpal on Wednesday announced its foray into the non-banking finance lending space and will mainly focus on financing stuck projects in the real estate sector.

The company has received license from the Reserve Bank of India to start NBFC operations, which will be carried out under a special purpose vehicle -- BlackOpal Financial Services Pvt Ltd.

BlackOpal has already raised USD 1.5 million by way of minority stake dilution, and plans to use 50 per cent of the funds in retail segment and the rest in real estate projects, BlackOpal Founder Prasoon Chauhan said.

'Our idea is whatever projects we are managing, if these projects have any financing requirement, then we are able to finance through the NBFC. In the next 3-6 months, we are again planning to raise USD 5-7 million. And by the end of 2022 March, we are hopeful to get our book size of USD 15-20 million (roughly around Rs 100-145 crore),' he said.

Having already diluted a part of the stake to HNIs for USD 1.5 million, the company wants to focus first on creating liquidity for the projects which it is managing today or which are in the pipeline, Chauhan said.

Managing five projects totaling 2.5 million sq ft as on date, company's asset under management stands at about Rs 1,325 crore, he said.

Further, he said the NBFC will primarily focus on wholesale lending. However, it will fund short term retail funding requirements as well.

When asked about the demand in the real estate sector, Chauhan said there is a good demand in the Rs 31-75 lakh housing loan segment which are basically located in metro locations of the country. PTI KPM RAM