PNB Housing Finance raises $265 million via ECBs

Mumbai: Punjab National Bank’s home loan subsidiary, PNB Housing Finance, has raised $265 million (around ₹1,853 crore) through external commercial borrowing (ECB). The fund, raised in the last week of December, will be utilized for normal on-lending operations, the company said in a statement Wednesday.

PNB Housing Finance raises $265 million via ECBs

With this, PNB Housing FInance has raised $465 million (₹3,324 crore) through ECBs during the third quarter, managing director and chief executive Sanjaya Gupta said, adding the forex borrowing has a five-year tenor. He did not say what is the coupon the company will be paying to subscribers.

He said despite market headwinds, the company also raised about ₹20,000 crore of funds at competitive interest rates during the third quarter of FY19.

This includes both long-term and short-term facilities through deposits (₹1,400 crore), ECBs ($465 million), NHB refinance (₹2,000 crore), securitisation (direct assignment route—₹2,700 crore), bank borrowings (₹1,725 crore) and commercial papers (₹9,225 crore).

PNB Housing Finance plans to maintain an exposure of about 12-13% in commercial papers of the entire borrowing, Gupta said.

As of end-December, the company had a liquidity of about ₹12,000 crore which includes cash and liquid investments of ₹6,000 crore and ₹6,000 crore of sanctioned undrawn-credit lines.

source: livemint


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