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State-owned housing and urban infrastructure developer Housing and Urban Development Corporation (Hudco) today said it plans to raise about Rs 10,000 crore through tax-free bonds and other instruments this fiscal to fund business expansion.
"We are planning to raise about Rs 10,000 crore in 2012-13," Hudco Chairman and Managing Director V P Baligar said after announcing financial results of the company here.
Of the total resource mobilisation target for the current fiscal, he said, Rs 5,000 crore would come from tax-free bonds.
Besides, some amount would be raised from non-tax free bonds, he said, adding, the company is also talking to National Housing Bank for loans worth Rs 500 crore at a competitive interest rate for its social housing operations in rural areas.
The company will also mobilise about Rs 400 crore from its public deposit scheme, he added.
During 2011-12, the company mobilised a total of Rs 10,395.95 crore. Of this, it raised Rs 5,000 crore of tax-free bonds.
In addition, Hudco also mobilised an amount of Rs 667.40 crore via taxable bonds.
Talking about the financial performance of the Hudco during 2011-12, Baligar said, the company recorded a 14 per cent rise in net profit at Rs 629.18 crore, which is also the highest ever.
The net profit of the company was Rs 550.03 crore in the previous year.
The company registered a growth rate of 35 per cent in disbursement with releases of Rs 6,906 crore as compared to Rs 5,105 crore in 2010-11.
"We have sanctioned a total loan of Rs 20,511 crore, in 2011-12, which is the highest so far," he added.
During the year 2011-12, he said, Hudco sanctioned a total amount of Rs 14,204 crore for urban infrastructure projects. A substantial focus has been laid during the year on core infrastructure projects, which affect the quality of life of citizens, he added.
Of the total sanctions for infrastructure projects, about 56.10 per cent constituted for core infrastructure projects (Rs 7969 crore) covering water supply, sewerage, drainage, solid waste, roads/transport sector and social infrastructure projects, he added.
With regard to the asset quality, Baligar said, the gross non-performing asset (NPA) of the company stood at 6 per cent while the net NPA was 1.35 per cent at the end of March 2012.
Loans of about Rs 300 crore given to Maheshwar Hydel Power Corporation, Konaseema EPS Oakwell Power Ltd have turned NPA, he said.
The company will be making efforts to bring down its non-performing assets during the financial year by focussing more on recovery.
Source: EconomicTimes
"We are planning to raise about Rs 10,000 crore in 2012-13," Hudco Chairman and Managing Director V P Baligar said after announcing financial results of the company here.
Of the total resource mobilisation target for the current fiscal, he said, Rs 5,000 crore would come from tax-free bonds.
Besides, some amount would be raised from non-tax free bonds, he said, adding, the company is also talking to National Housing Bank for loans worth Rs 500 crore at a competitive interest rate for its social housing operations in rural areas.
The company will also mobilise about Rs 400 crore from its public deposit scheme, he added.
During 2011-12, the company mobilised a total of Rs 10,395.95 crore. Of this, it raised Rs 5,000 crore of tax-free bonds.
In addition, Hudco also mobilised an amount of Rs 667.40 crore via taxable bonds.
Talking about the financial performance of the Hudco during 2011-12, Baligar said, the company recorded a 14 per cent rise in net profit at Rs 629.18 crore, which is also the highest ever.
The net profit of the company was Rs 550.03 crore in the previous year.
The company registered a growth rate of 35 per cent in disbursement with releases of Rs 6,906 crore as compared to Rs 5,105 crore in 2010-11.
"We have sanctioned a total loan of Rs 20,511 crore, in 2011-12, which is the highest so far," he added.
During the year 2011-12, he said, Hudco sanctioned a total amount of Rs 14,204 crore for urban infrastructure projects. A substantial focus has been laid during the year on core infrastructure projects, which affect the quality of life of citizens, he added.
Of the total sanctions for infrastructure projects, about 56.10 per cent constituted for core infrastructure projects (Rs 7969 crore) covering water supply, sewerage, drainage, solid waste, roads/transport sector and social infrastructure projects, he added.
With regard to the asset quality, Baligar said, the gross non-performing asset (NPA) of the company stood at 6 per cent while the net NPA was 1.35 per cent at the end of March 2012.
Loans of about Rs 300 crore given to Maheshwar Hydel Power Corporation, Konaseema EPS Oakwell Power Ltd have turned NPA, he said.
The company will be making efforts to bring down its non-performing assets during the financial year by focussing more on recovery.
Source: EconomicTimes
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