PNB Housing Finance has raised $100 million (Rs 690 crore) from International Finance Corporation (IFC), in its first external commercial borrowing this fiscal.
The fund was raised for providing small- and medium-ticket housing loans, the company said on Monday. Official data suggest that India needs to build 11 million homes in the affordable housing segment as nearly 50 million people do not have adequate housing. 
“To support the government’s vision of Housing for All by 2022, our country strategy places a strong emphasis on the affordable housing sector,” said Hemalata Mahalingam, manager (financial institutions group) at IFC South Asia. The investment was made under the central bank’s automatic route.
The company’s share price dropped 1.28 per cent on Monday to Rs 699.60 on the BSE, while the Sensex fell 0.52 per cent to 37.686.37 points. RBI has allowed PNB Housing to borrow up to $750 million annually in ECB under the automatic route. 
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