The ECB (External Commercial Borrowing) is under the Reserve Bank’s automatic route of approval and the proceeds will be used by the Company as per the applicable RBI guidelines.
Sanjaya Gupta, Managing Director, PNB Housing Financial Ltd said, “As we have mentioned a few days back, this is the second ECB borrowing of the Company for the FY2019-20. Surely we convey our gratitude to SMBC who until now has been according to their continuous support through the domestic route only. The landed cost of the fully hedged facility has been much lower than the present domestic pricing for similar tenure. The continuous raising of ECBs under the present market environment and that too from global financial institutions and banks only exhibits the strong fundamentals, core strength and inherent growth prospects of the Company and the trust of the international lenders in us. This facility will not only augment our liquidity but will further balance our long term ALM position.”