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Sundaram Home Finance plans to raise Rs 2,000 crore

Sundaram Home Finance on Wednesday said, “It is looking to raise Rs 2,000 crore in the second half of the year through a mix of debt instruments and bank funding.”

Lakshminarayanan Duraiswamy in his statement said, “After a nervous start to the year, we have been witnessing some green shoots in the last two months in the housing sector, especially in the tier two towns in South India.”

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“The home loan inquiries have reached pre-COVID-19 levels. While the sales cycle is taking a bit longer the home loan requires in October have reached the same level as last year,” he said.

Speaking on the fundraise, Lakshminarayanan said, “The company will continue to expand its presence in the four southern states, especially in tier two and tier three towns.”

“In the first half of the year, we had seen demand pick up from the non-metro towns and think that there is room to grow our business in these markets. We plan to raise Rs 2000 crore in the next six months to fund our growth plans,” he said.