PNB Housing Finance raises Rs 2,450 crore through commercial papers

NEW DELHI: PNB Housing Finance said on Wednesday it has raised Rs 2,450 crore through commercial papers (CP) amidst reports of tight liquidity situation in the market. This is in addition to Rs 1,775 crore raised earlier in October totalling to Rs 4,225 crore of CPs raised in October 2018, the mortgage firm said in a statement.

The CPs were placed with various mutual funds and banks even as liquidity is tight in the system.

This will boost the overall sentiments in the sector as such deals will help build the momentum and strengthen investor confidence, it said.

The company has always maintained close connect, strong relationship and transparency with investors and these transactions reflect the comfort they enjoy.

“This fund raising shall not increase our 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 as of March 31, 2018.

Source: Press Trust of India

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