PNB Housing Finance Limited raises INR 2,450 crores through Commercial Papers(CPs)

Chandigarh: PNB Housing Finance Limited, India’s 5th largest Housing Finance Company, has successfully raised INR 2,450 crores through Commercial Papers (CP). This is in addition to INR 1,775 crores raised earlier in October totalling to INR 4,225 crores of CPs raised in October 2018. The CPs were placed with various Mutual Funds and Banks.

Mr.Sanjaya Gupta, Managing Director, PNB Housing Finance Limited said, “With the continuous support of different class of lenders, the Company has successfully raised INR 2,450 crores of CPs at competitive rates. In October only, INR 4,225 crores has been raised through Commercial Papers. This will boost the overall sentiments in the sector as such deals will help build the momentum and strengthen investor confidence. We are thankful to various lenders for placing their funds in our Company.”

Mr. Kapish Jain, Chief Financial Officer, PNB Housing Finance Limited, further added, “In October 2018 we have successfully raised INR 4,225 crores through CPs in addition to USD 200 Mn of ECB we did earlier in the month. We have always maintained close connect, strong relationship and transparency with our investors and these transactions reflect the comfort they draw on us. 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 of 31st March, 2018. ”