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Can Fin Homes to raise up to 70B rupees

Can Fin Homes Ltd. is looking to raise as much as 70 billion Indian rupees through a combination of debenture issue and equity allotment.

The company's board is seeking shareholder approval for its proposed issue of nonconvertible debentures worth up to 60 billion rupees on a private placement basis, according to a June 21 filing.

The board is also seeking approval for the issue and allotment of shares worth up to 10 billion rupees by way of qualified institutional placement or preferential allotment to Canara Bank. Proceeds will be used for business purposes, including meeting capital requirements, debt repayment, exploring acquisition opportunities and general corporate purposes.

Can Fin Homes will hold its annual general meeting July 18.

As of June 21, US$1 was equivalent to 67.84 Indian rupees.