PNB Housing Finance Limited raises INR 1,775 crores through Commercial Papers

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New Delhi,  PNB Housing Finance Limited, India’s 5th largest Housing Finance Company, has successfully raised INR 1,775 crores through Commercial Papers (CP) in October 2018. The CPs are placed to various Mutual Funds and Banks.

Mr. Sanjaya Gupta, Managing Director, PNB Housing Finance Limited said, “In spite of the current tight market scenario our Company has successfully raised funds through CPs aggregating to INR 1,775 crores at competitive rates. We are thankful to various lenders for placing their funds in our Company. These borrowings in the present environment exhibits the trust and faith of the lender community in PNB Housing Finance Limited.”

Mr. Kapish Jain, Chief Financial Officer, PNB Housing Finance Limited, further added, “In October 2018 we have successfully raised INR 1,775 crores through CPs in addition to ECB. This has been possible only because of our strong fundamentals moreover we are comfortable both on our liquidity and ALM position. Further to add, this fund raise 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 of 31st March, 2018. During the month of September 2018, we did not raise any funds from capital market in view of the surplus liquidity we had. As on date, the Company has cash and liquid investments of approx. INR 6,000 crores”.

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