Brick Fund

Housing Development Finance Corp., the state owned housing giant, is looking to raise Rs. 600 mn through a private placement later this year.
rnrnCabinet approval has also come through to give HDFC lquote banking status
quote enabling it to mobilise public deposits, CEO C A Sarathchandra told Lanka Business Online.rn

rnThe housing giant is banking on using these funding avenues to raise low cost finances to give out long term hosing mortgages.rn

rnStarting off as a building society in 1984, HDFC has dramatically increased its lending during the last few years after getting concessional funding from the ADB and USAID.rn

rnHDFC is also looking at a public listing. A valuation by consultants E&Y last year has valued HDFC
quote s Rs. 100 share at Rs. 640.rn

rnSarathchandra attributes HDFC
quote s success to its marketing efforts, which are directed towards low-income groups, whose take home pay is less than Rs. 12,500 per month.rn

rnldblquote The demand is phenomenon. We estimate there is a 600,000