MUMBAI, May 21 -- Annapurna Finance, a non-banking financial company in Odisha, plans to raise $75 million-100 million in equity this year with some of its early backers selling their stake in part or full as the company looks to grow beyond microfinance, four people familiar with the matter said.

"While the company has a strong foothold in the microfinance segment, it is currently looking to build and shore up its presence in the non-microfinance segment," one person said.

"The deal is expected to be formally launched later in the year and will likely see some of its early investors like Asian Developmental Bank and Oman Joint India Investment Fund exit in part or full," a second person said, adding that most of the capital to be raise...