Home Market Can Fin Homes gains on plans to raise Rs 7,000 crore

Can Fin Homes gains on plans to raise Rs 7,000 crore

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NEW DELHI: Shares of Can Fin Homes gained nearly 1 per cent in Friday's trade after the company said it plans to raise Rs 7,000 crore.

The NBFC looks to raise the said amount through a mix of debt securities and equity allotment to fund its business growth, meet working capital requirement and repay debt.

Of this, Rs 6,000 crore will be raised by issuing non-convertible debentures (NCDs), while Rs 1,000 crore is to be mopped up through issuing equity shares or specialised securities.

Following the announcement, the stock rose 0.63 per cent to hit a high of Rs 350.10 o BSE.

The board of directors will seek approval from shareholders at the company's upcoming annual general meeting on July 18.

The company said in a regulatory filing that it intends to offer or invite subscription of bonds or NCDs or tier II bonds, onshore or offshore, denominated Indian rupees or any foreign currency for cash up to an amount of Rs 6,000 crore only, on private placement basis for a period of one year from the AGM until conclusion of next AGM.

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