Sundaram BNP Paribas Home to raise Rs 3,000 cr

Sundaram BNP Paribas Home Finance is considering raising Rs 3,000 crore, including Rs 1,000 crore through NCDs, over the next nine months.
"The company is looking to raise around Rs 3,000 crore in the next nine months including Rs 1,000 Crore through NCDs (Non-Convertible Debentures) and over Rs 500 crore through commercial paper", the Chennai-based company said in a statement.
Sundaram BNP Paribas Home Finance is 50.1:49.9 per cent joint venture between Sundaram Finance and BNP Paribas.
Meanwhile, Sundaram BNP Home Finance has registered a 12.2 per cent jump in net profit at Rs 42.14 crore for the first quarter ending June 30, 2014.

The company had reported net profit of Rs 37.54 crore during the corresponding period of the previous year.
Home loan disbursements during the quarter ending June 30, 2014 declined to Rs 485 crore from Rs 653 crore registered during the same period of previous year.
"We expect the real estate market to improve in the second half of the year and prices to firm up subsequently", said Sundaram Home Finance, Managing Director, Srinivas Acharya.
Sundaram Home Finance has 107 branches across the country, the release said.