PNB Housing Finance raises $265 million through ECBs

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Published: January 3, 2019 1:52:19 AM

Apart from CPs, all the other fresh borrowings in this quarter are of long term in nature, thereby helping the Company in further strengthening the ALM profile,” said Sanjaya Gupta, MD & CEO, PNB Housing Finance.

“This fund raising shall not increase our overall exposure to CPs and we would continue to maintain our overall borrowing through CPs at around 12-13% compared to 19% as on March 31, 2018,” said Kapish Jain, CFO, PNB Housing Finance.

PNB Housing Finance has raised $265 million through external commercial borrowing (ECB) for a five-year tenor as on December 28. The funds will be used for normal business operations, mainly lending purpose, the company said.

The housing finance company had also raised Rs 4.22 lakh crore through commercial paper (CP) in October, in addition to the $200-million raised through ECBs in the same month. “This fund raising shall not increase our overall exposure to CPs and we would continue to maintain our overall borrowing through CPs at around 12-13% compared to 19% as on March 31, 2018,” said Kapish Jain, CFO, PNB Housing Finance.

Infrastructure finance company (providers of infrastructure loans) and loan companies (providers of loan finance) have the highest outstanding borrowings aggregating to `12.09 lakh crore, which is 76.9% of the total outstanding borrowing, according to data by RBI. “The CPs raised are a roll-over of the existing CPs and we plan to maintain an exposure of about 12-13% in CPs of the entire borrowing. Apart from CPs, all the other fresh borrowings in this quarter are of long term in nature, thereby helping the Company in further strengthening the ALM profile,” said Sanjaya Gupta, MD & CEO, PNB Housing Finance.

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