Financial Daily from THE HINDU group of publications
Friday, Feb 15, 2002
Financial Daily from THE HINDU group of publications Friday, Feb 15, 2002 |
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Money & Banking
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Housing Finance CanFin Homes plans Rs 50-cr pvt placement Our Bureau
BANGALORE, Feb. 14 CANFIN Homes, the housing finance subsidiary of Canara Bank is tapping the private placement markets with a Rs 50 crore debenture issue. A bank release said here that the issue would be priced at 9.30 per cent, payable half-yearly and would have a tenor of seven years. However, the issue would have a five-year call or put option. This would mean a spread of at least 2.5 per cent over the equivalent Government security. The funds will be used to refinance some of the high-cost debt of the company. This would lead to a reduction in the weighted average cost of working funds for CanFin.
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