Sundaram Home Finance plans to mobilise Rs 2,000 cr

The company’s deposits registered a growth in the first half of the year and were at Rs 1,742 crore as of September 30, 2020, with a net accretion of around Rs 140 crore. “In the first half of the year, we had seen demand pick up from non-metro towns and think that there is room to grow our business in these markets. We plan to raise Rs 2,000 crore in the next six months to fund our growth plans,” the company MD Lakshminarayanan Duraiswamy said. The raising of funds would be through a mix of debt instruments and bank funding, a release said. Duraiswamy said the company has been witnessing some green shoots in the last two months in the housing sector, especially in tier-II towns in the South.

On the outlook, he said, “I believe that housing finance as a space will continue to grow. The pandemic will further drive home the need for home ownership and we will see growth in satellite towns.”

The city-based entity is a leading player in the housing finance sector and has 115 branches across the country.