Sundaram BNP Paribas plans to raise Rs 1,750 crore

Sundaram BNP Paribas Home Finance plans to raise Rs 1,750 crore this year in order to meet its growth plans, a top company official said on Thursday. 

"We plan to raise around Rs 1,750 crore in the second half of the year to fund the growth plans," Sundaram Home Finance CFO G Sundararajan said in a statement.

The total deposit base crossed Rs 1,000 crore last financial year and remains an integral part of the financing mix.

"Around 65% of the funds will be raised through debentures and short-term market borrowings", he said.

Commenting on the outlook for the coming quarters, Sundaram BNP Paribas Home Finance, Managing Director, Srinivas Acharya said, "while the small sized (housing) projects and upper end premium segment have done well in first half, we are yet to see the real demand coming back in the mid-segment".

 

"We believe the second half of the financial year will provide a clear picture of the recovery in this sector", he said.

Sundaram BNP Paribas is 50.1-49.9% joint venture between city-based Sundaram Finance Ltd and BNP Paribas, France.