Can Fin Homes gets board approval to raise Rs 5,000 cr

Can Fin Homes, the housing finance arm of Canara Bank, on Thursday said its board has approved plan to raise up to Rs 5,000 crore.

Can Fin Homes, the housing finance arm of Canara Bank, on Thursday said its board has approved plan to raise up to Rs 5,000 crore. At a meeting held on July 23, the board of directors approved proposal to issue bonds up to an amount not exceeding Rs 4,000 crore, Can Fin Homes said in a regulatory filing.

The bonds to be issued in the nature of Tier II non-convertible debentures (NCDs) can be placed onshore or offshore, denominated in Indian rupee or any foreign currency, it said. The board also approved further issue of shares/specified securities through rights/qualified institutions placement and/or preferential allotment basis or any other mode for an amount not exceeding Rs 1,000 crore, the company said.

The housing financier also said it will place both the proposals before the shareholders in its ensuing annual general meeting. Stock of Can Fin Homes closed 5.91 per cent higher at Rs 400.40 apiece on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)