Sundaram BNP Paribas Home Fin to raise Rs 1,750 crore

Sundaram BNP Paribas Home Finance will raise Rs 1,750 crore using various debt instruments during the second half of this financial year for meeting its funds requirements, a top company official said on Saturday.

The funds raised will be utilised for the Chennai-based company's business plans, including proposed disbursal of home loans of over Rs 2,500 crore, by this fiscal.

“We will raise funds of Rs 1,750 crore during the second half of this fiscal. We will be using various debt instruments. We do not want to depend upon one source of lender,” MD Srinivas Acharya said.

Stating the company had raised Rs 1,200 crore during the first six months of this year, he said, "This year we have set a target of disbursing (home) loans of over Rs 2,500 crore".

Declaring the company's half-yearly financial results, he said it registered Rs 34 crore net profit for the second quarter ending September 30, 2012, up by 61.9 per cent, as against Rs 21 crore during the same period an year ago.

The total disbursements for the three month period ending September 30, 2012 stood at Rs 682 crore, a 50.2 per cent growth, against Rs 454 crore registered during the same period of last year.