PNB Housing raises Rs 17.75 bn in commercial paper from MFs, banks

Housing finance company says it raised money in current month, is silent on interest rate

PNB Housing Finance Ltd has raised Rs 17.75 billion through Commercial Papers (CP) by placing it with mutual funds and banks, amid tight liquidity and an over-cautious approach to investment into paper floated by finance companies.

Housing finance company in a statement said it raised money in the current month. But, did not specify interest rate it agreed for raising money. Funds were raised at competitive rates, it added.

“This fund raise would not increase overall exposure to CPs and we would continue to maintain our overall borrowing through CPs at around 12-13 per cent compared to 19 per cent