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PNB Housing Finance, the home loan arm of Punjab National Bank, in the last week of December has raised US$ 265 million (approximate Rs. 1,865 crores) through the route of external commercial borrowing (ECB). According to the bank’s statement, the fund will be utilized for normal on-lending operations.
Sanjaya Gupta, the managing director and chief executive officer of PNB Housing Finance stated that the home loan lender has till now raised US$ 465 million (Rs. 3,374 crores) through ECBs during the third quarter. Gupta also added that the forex borrowing has a five-year tenor.
Gupta stated that the company, despite market headwinds, during the third quarter of FY19 raised about Rs. 20,000 crores of funds at competitive interest rates. Gupta also mentioned that PNB Housing Finance plans to maintain exposure of about 12-13% in commercial papers of the entire borrowing.
As per the statement released, the company had liquidity of about Rs 12,000 crores which includes cash and liquid investments of Rs. 6,000 crores and Rs. 6,000 crore of sanctioned undrawn-credit lines, during the end of December.
