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PNB Housing Finance signs agreement with JICA, Citibank to raise $100 Million

PNB Housing Finance on Monday announced that it has signed an agreement with Japan International Cooperation Agency (JICA) to raise US$ 75 Million with co-financing of US$25 Million by Citibank (Citi) to finance mortgage loans in affordable housing segment. 

In a regulatory filing, the country’s fourth largest housing finance Company said, the fund raising is for the purpose of providing affordable housing to low income households in India based on the Facility for Accelerating Financial Inclusion in Asia.

PNB Housing Finance company said it was able to execute the agreement in spite of the current lockdown due to its operational robustness and resilient human capital.

“We express our gratitude to JICA and Citi for partnering with us in their journey towards improving the lives of low-income households and promoting sustainable economic growth in India. This would be JICA’s first debt funding in the Housing Finance Sector in India,” Sanjaya Gupta,MD,PNBHF was quoted in the statement.

The company said, as on March 2020, its liquidity (not considering its SLR investments) stood around Rs.7,588 crore and it also has additional sanctioned but undrawn lines of Rs.3,994 crore. 

PNB Housing also added that it has serviced all its committed liabilities till date without exercising the moratorium option.  

The company’s AUM as on March 2020 stood at Rs.84,000 crore with a deposit mobilization of around Rs.9,200 crore in FY20. 

“We have signed the agreement and the disbursement of this ECB facility shall be availed soon. This is a long term facility of five years that would further help in balancing our ALM position. During the quarter, on a net basis, we repaid borrowings of over Rs.2,500 crore,” Kapish Jain, CFO, PNBHF was quoted.

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