PNB Housing Finance receives Rs. 3,500 crore from NHB
PNB Housing Finance Ltd. has secured refinance sanction of Rs. 3,500 crore from the National Housing Bank (NHB).
The funds will be used for sector-wise disbursements and end uses, as prescribed by the norms of respective NHB refinance schemes. The funds, with a maturity of 15 years, will enhance the liquidity position of the company, enhance its asset and liability management (ALM) and bolster economic growth.
This borrowing was preceded by another long-term source of borrowings amounting to USD 200 million. The procurement of these funds will raise the level of long-term debt in the overall borrowings, thereby allowing the company to maintain short-term funding at levels of 12 per cent and lower.
In a press release to the exchange, the company has reiterated its stable liquidity position and ALM scenario.
PNB Housing Finance Ltd. ranks India’s 5th largest Housing Finance Company by loan assets and 2nd largest by deposits. It is promoted by Punjab National Bank and is registered with National Housing Bank (NHB). Its operating activity involves disbursement of housing and non-housing loans. Additionally, it also provides construction finance loans to real estate developers.
On Monday, the shares of PNB Housing Finance Ltd. opened at Rs. 935.00 per share, and hit a high and low of Rs. 978.00 per share and Rs. 935.00 per share, respectively. At 11:40 am, the stock was trading at Rs. 963.00, up 3.69 per cent.