Financial Daily from THE HINDU group of publications
Friday, Feb 13, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 13, 2004 |
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Money & Banking
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Housing Finance Sundaram Home seeks RBI nod for ADB loan — Portal launched to guide prospective buyers Our Bureau
Mr Nitin Palany, Managing Director (left), and Mr S. Ramabadran, Executive Director, Sundaram Home Finance Ltd, at a press conference in Chennai on Thursday to announce the launch of a portal. — Shaju John
Chennai , Feb. 12 SUNDARAM Home Finance has sought the Reserve Bank of India's permission to avail itself of the $20 million (around Rs 91 crore) ADB loan that the company had completed negotiations for. Before Sundarm Home Finance could draw the loan, came the new guidelines on external commercial borrowings, restricting non-banking finance companies (among others) from going in for ECB loans. If Sundaram Home could get the RBI's clearance and take the ADB loan, its cost of funds could considerably come down, said Mr Nitin Palany, Managing Director. If the clearance were got, ADB would be the third overseas financial institution to give money to Sundaram Home. IFC, Washington and FMO of the Netherlands have both equity and debt exposures to the company. Answering a question at a press conference here, Mr Palany said that the company had a clause in its agreements with IFC and FMO that it would come out with an IPO "at an appropriate time", giving the funding agencies an exit option. Mr Palany said that Sundaram Home's disbursements were expected to increase by about 60 per cent over last year, or by some Rs 400 crore. Net profit could cross the Rs 7-crore mark, compared to Rs 5.59 crore last year. Meanwhile, the company today launched a portal, www.sundaramhomefind.com. The portal would provide a home seeker with a range of relevant information, such as the projects in each location, the indicative rates, loan eligibility and EMI calculation, apart from articles that give insights about legal issues, vaastu and home styling. The portal has been designed and will be maintained by ePagemaker (P) Ltd. Ms Preetha Srinivasan of ePagemaker said that it took about two months to develop the portal. She said that content providing for the portal would be done both by Sundaram Home and ePagemaker.
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