ICICI Home Finance to recast 4-5% of its loans, raise Rs 2,000 cr via NCD

Home Finance’s restruc­tured loans portfolio under regulatory norms for Covid-19 pandemic is expected to rise to 4-5 per cent of assets under management (AUM). Its pool of recast loans stood at 3.4 per cent of by the end of June, according to CRISIL.

The company is planning to raise Rs 2,000 crore through non-convertible debentures. CRISIL has assigned “AAA” rating to debentures. The ratings continue to reflect the expectation of continued strong support from the promoter, Bank, and the company’s diversified resource profile. These strengths are partially offset by average asset quality and profitab­ility.

The rating agency said its asset quality is average, with gross non-performing assets or bad loans rising to 8.6 per cent in June, up from 6.6 per cent in March, as and loans against properties (LAP) showed increased delinquencies.

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