PNB Housing Finance Ltd (PNB HFL) has raised $100 million from the International Finance Corporation (IFC), for on-lending to buyers in affordable housing projects.
The fund raising has been done under the RBI's automatic route in the revamped external commercial borrowings framework.
Sanjaya Gupta, Managing Director, PNB HFL, said, “We express our gratitude to IFC for their continuous support and trust in the company’s operations and overall robustness. The line of credit will not only enhance the liquidity but will further balance our long term ALM position as the facility is for five years.”
Gupta said that this is the first ECB disbursement during the current financial year under the RBI automatic route. “The RBI has allowed us to borrow ECB upto $750 million annually under the automatic route, and considering the strong fundamentals and inherent growth of the company, we are hopeful that in the coming months, our company will further utilise the facility,” he said.
Hemalata Mahalingam, Manager-Financial Institutions Group, IFC South Asia, said, “To support the Indian government's vision of ‘Housing for All by 2022’, our country strategy places a strong emphasis on the affordable housing sector. Our partnership with PNB Housing Finance will help them further expand to smaller towns and cities and reach low-income customers with loans to buy homes and help raise their living standards.”
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