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 India's Shriram Transport Finance Company Ltd plans to raise an additional 50 billion rupees ($627.20 million) in the second half of the financial year to fund growth opportunities.

The non-banking finance company (NBFC) has already raised 50 billion rupees in the first half of this year and the additional funds raised would be separate from its existing refinancing plans amounting to 500 billion rupees, Umesh Revankar, managing director of STFC, told Reuters on Tuesday.

Most of the fund-raising is likely to be via non-convertible debentures with a maturity of three years, he added.

The commercial vehicle financier had in December announced a merger with promoter Shriram Capital and diversified finance company Shriram City Union Finance, which is expected to be completed by the end of October, one month ahead of schedule, said Revankar.

The merged entity would be one of the largest shadow banks in the country, according to analysts.

The fund raising comes at a time when the overall loan growth may fall.

"At the start of the financial year, we were expecting loan growth to be around 15% for the merged entity. We anticipate that it may come down to 12% if rise in interest rate leads to slower demand," Revankar said.

"At least until October, the demand and re-payment abilities seem to be on track. But after further interest rate hikes, which are expected, it may get affected," he added.

In order to improve growth, the NBFC is also looking to expand some of the products in its portfolio. Loan against property, which was traditionally only limited to businesses, will now also be dispensed for personal purposes.

It also plans to launch invoice financing to fulfil short-term financing needs of its customers and expects good growth opportunities from the segment, Revankar said.