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Tuesday, Aug 13, 2002

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Rs 1,000-cr bond issue from NHB

Our Bureau

MUMBAI, Aug. 12

THE National Housing Bank (NHB) is expected to raise around Rs 1,000 crore through the issue of capital gains bonds, at a coupon rate of 7.15 per cent per annum. The issue will be on tap from August 14.

According to Mr R.V. Verma, Executive Director, NHB, the issue can be subscribed to by both institutional and retail clients. "The funds raised will help us in further reducing refinance rates and this benefit can be passed to housing finance companies.'' There are 14 co-arrangers to the issue.

The Union Budget of 2001-02 had announced that institutions such as Nabard can raise funds through the capital gains bonds route. The recent Budget has extended this benefit to institutions such as Sidbi and NHB.

Said Mr Verma, "NHB has sound fundamentals - net NPA ratio is nil while capital adequacy ratio is at 18 per cent''. As on March 31, 2001, net profit remained unchanged at Rs 103 crore.

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