PNB Housing Finance on Monday announced that it has signed an agreement with Japan International Cooperation Agency (JICA) to raise $75 million with co-financing of $25 million by Citibank based on the Facility for Accelerating Financial Inclusion in Asia. The fund is to be used to help affordable housing for low-income households in India.
This would be JICA’s first debt funding in the housing finance sector in India,” said Sanjaya Gupta, managing director, PNB Housing Finance. The company said that disbursement of the external commercial borrowing (ECB) facility would be availed soon.
Kapish Jain, chief financial officer, PNBHF, said that the long-term facility with a tenor of five years would further help in balancing the company’s asset liability management (ALM) position. As on March 31, the housing finance company had liquidity of around Rs 7,588 crore (not considering SLR investments) and has additional sanctioned, but undrawn lines, of Rs 3,994 crore.
The company had assets under management (AUM) of around Rs 84,000 crore with deposits of around Rs 9,200 crore in FY20. “Though the impact of the changed scenario arising due to Covid-19 is getting worked out, as an organization, we continue to be extremely vigilant and focused towards recovery initiatives. The loan spread is expected to be within the guided range of 200 to 215 bps for the current financial year,” the company said.
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