Financial Daily from THE HINDU group of publications
Tuesday, Dec 31, 2002
Financial Daily from THE HINDU group of publications Tuesday, Dec 31, 2002 |
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Money & Banking
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Securitisation ALF securitises Rs 702-crore receivables Our Bureau
CHENNAI, Dec. 30 ASHOL Leyland Finance (ALF) has securitised its receivables to the tune of Rs 702 crore during April-December 2002, comprising of hire purchase and loan receivables of commercial vehicles, cars, used vehicles, utility vehicles, construction equipments and two wheelers. Briefing newspersons, Mr S. Nagarajan, Managing Director, said that ALF had completed 12 securitisation transactions in the past 9 months. There were in 5 deals in December alone amounting to Rs 284 crore. Of this, UTI Bank had picked up papers worth Rs 122 crore. The balance was picked up by institutions such as GE Caps, HDFC and IndusInd Bank Mr Nagarajan said that securitisation deals accounted for 20 per cent of the funding profile of the company. The cost at which these deals were made ranged between 6 per cent and 7 per cent, while the weighted average maturity of the securitised paper was in the range of 13-15 months.
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