Canara Bank promoted housing loan provider Can Fin Homes is planning to raise debt capital of up to Rs 4,000 crore and will seek board of directors' approval on this proposal later this month.
The board of directors of the company is scheduled to meet on October 17, 2022 to approve financial results for the company's second quarter and first half ended September 2022-23.
"At the said meeting the proposal is being placed to the board seeking approval and authorisations for issuance of non-convertible redeemable debentures up to an amount of Rs 4,000 crore, on private placement basis," Can Fin Homes said in a regulatory filing on Thursday.
The company said it will raise the funds in one or more tranches for a period up to the date of the annual general meeting of the current fiscal year.
The home loan company said the shareholders approved the debt raise plan at the annual general meeting held on September 7, 2022. Canara Bank has shareholding of 29.99 per cent in Can Fin Homes.Shares of Can Fin Homes were trading at Rs 499.60 apiece on BSE, up by 0.82 percent from the previous close.