PNB Housing Finance raises Rs 690 crore from IFC through ECB route

Mortgage lender PNB Housing Finance has raised Rs 690 crore ($100 million) from International Finance Corporation (IFC) via the external commercial borrowing (ECB) route to not only boost its liquidity position but to also balance the company’s long-term asset liability management position. The company also said it will use the funds for on-lending to buyers in the affordable housing finance projects.

This is the maiden fundraising via the ECB route in 2019-20 by PNB Housing Finance. The company further said that other ECB proposals are in the pipeline.

Sanjaya Gupta, managing director of PNB Housing Finance, said, “The fully-hedged facility