Oct 22: PNB Housing Finance Ltd, India’s 5th largest Housing Finance Company, on Monday announced that it has raised Rs 1,775 crore through Commercial Papers (CP) in October 2018. The CPs are placed to various Mutual Funds and Banks, it said.
Commenting on the development, Sanjaya Gupta, Managing Director, PNB Housing Finance Ltd, said, “in spite of the current tight market scenario, our company has successfully raised funds through CPs aggregating to Rs 1,775 crore 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.”
According to Kapish Jain, Chief Financial Officer, PNB Housing Finance Limited, “in October 2018 we have successfully raised Rs 1,775 crore through CPs in addition to ECB…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. Rs 6,000 crore”.