PNB Housing Finance raises USD 200 mn via ECB

Mortgage lender PNB Housing Finance Saturday said it has raised USD 200 million (about Rs 1,470 crore) through External Commercial Borrowing (ECB), its first under the automatic route of the RBI.

This year, the Reserve Bank of India has allowed housing finance companies to borrow through ECB up to USD 750 million annually under the automatic route, the company said in a statement.

The funds will be used for normal business operations.

"This will not only enhance our liquidity profile but also further enhance our ALM position as the facility is for 5 years. The fully hedged landed cost of this facility is lower than on shore pricing of similar tenure loan," it added.