Chennai, Oct 27 (IANS) City based Sundaram BNP Paribas Home Finance Ltd is looking at buying portfolios of smaller housing finance companies and also extending a line of credit to them amounting to around Rs 20 crore soon, the company said on Thursday.
The company is also planning to raise debt of around Rs 1,750 crore during the second half of the fiscal through debentures and short term borrowings.
In a statement issued here the company said it is also focused on extending line of credit/buying portfolios of smaller home finance companies (HFC).
"In the first half of the year, the company has disbursed Rs 15 crore as line of credit and another Rs 20 crore is in the pipeline and is likely to be disbursed soon," the company said.
"The lower value housing loans offer opportunities through buying portfolios of smaller HFCs. We will continue to explore portfolio buy-out opportunities in the future," Srinivas Acharya, Managing Director, was quoted as saying in the statement.
According to G. Sundararajan, Chief Finance Officer, the company plans to raise around Rs 1,750 crore in the second half of the year to fund the growth plans.
Around 65 per cent will be raised through debentures and short term market borrowings.
The deposit base crossed Rs 1,000 crore last year and remains an integral part of the funding mix.
For the first half of the current fiscal the company has registered a net profit of Rs 81.91 crore up from Rs 81.70 crore posted during the corresponding period of the previous year.
The company registered a 13 per cent growth in loan disbursements at Rs 1,036 crore for the six months ended September 30, 2016 as compared to Rs 917 crore in the corresponding first half of the last year.
Loans under Management stood at Rs 7,660 crore as on September 30, 2016.
Sundaram BNP Paribas Home Finance Ltd is a 50.1 per cent - 49.9 per cent joint venture between Sundaram Finance Ltd, and BNP Paribas of France.
