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February 12, 2019 KLM Axiva Finvest to float new company for micro finance

The Kerala-based NBFC KLM Axiva Finvest, which is targeting to collect Rs 100 crore through non-convertible debentures (NCD), plans to float a separate company for its micro finance business. 

The new company will focus exclusively on microfinance. "The group has earmarked Rs 1000 crore for micro finance and plans to open 300 branches as micro finance has good potential in Kerala and other southern states," said Shibu Thekkumpuram, chairman of the KLM group. 

At present 60% of the company’s activities are focused on gold loans and 25% on micro finance. " We are taking over a Nagercoil-based micro finance company by acquiring majority shareholding in it," said Josekutty Xavier, managing director.