Sundaram BNP Paribas to raise Rs 3,950 cr

Sundaram BNP Paribas to raise Rs 3,950 cr

Sundaram BNP Paribas Home Finance on Tuesday reported 34 per cent increase in its net profit at Rs 126 crore for 2012-13 and announced plans to raise Rs 3,950 crore during the current fiscal.

The company had made net profit of Rs 94 crore in the previous year. "We expect to raise Rs 3,950 crore this year including around Rs 1,250 crore from National Housing Bank and Rs 1,500 crore from the debt market..", company Managing Director Srinivas Acharya said, after declaring the annual results for FY2013.

In the previous financial year, the company raised Rs 3,050 crore, he said. It was planning to disburse Rs 3,100 crore in the current financial year, he added. During 2012-13, the company made disbursements to the tune of Rs 2,572.38 crore, up 32 per cent from Rs 1,948.12 crore during the previous year.

Sundaram BNP Paribas Home Finance is a 50.1 per cent and 49.9 per cent joint venture between Chennai-based Sundaram Finance and France-based BNP Paribas. The current asset base of the company is Rs 6,000 crore, he said, adding another round of capital infusion by Sundaram Finance and BNP Paribas for Rs 100 crore may take place this fiscal. Sundaram Finance and BNP Paribas had earlier infused Rs 100 crore through an equity issue.

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