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LIC invests INR 2500 Crore in PNB Housing Finance Limited through NCDs

Posted On: 2019-11-07 13:25:59

PNB Housing Finance Limited, one of the leading housing finance company has raised INR 2,500 crore through the issue of secured redeemable nonconvertible debentures (NCDs).

This issuance is through private placement basis with a door to door tenure of 10 years and the proceeds will be utilised by the Company for its normal course of business operations.

Speaking on the occasion, Mr. Sanjaya Gupta, Managing Director, PNB Housing Finance Ltd. said, "As we indicated in the last earnings call, this is the second NCD issuance by the Company for the financial year 19-20 after the first lot of INR 500 crore subscribed by a foreign bank. This issuance of INR 2,500 crores has been subscribed by Life Insurance Corporation of India. We convey our gratitude to them for their continuous support to the organisation. This facility will augment our liquidity position and further strengthen our ALM position across buckets.

These successive issuances of NCDs under the present market environment once again exhibits the strong fundamentals, core strength and robustness of our balance sheet. During the current FY, PNB Housing Finance has so far mobilised ~ INR 27,000 Crore through long term sources. This mobilisation includes INR 6,379 Crore through Fixed Deposits, INR 5,899 Crore through securitisation(Direct Assignment route), INR 3,000 Crore through NCDs, INR 1,211 Crore (USD 175 Mio) through ECBs and balance in the form of bank facilities. Correspondingly during the period, we have also significantly cut down our dependency on Commercial Paper to around 5% of total resources as of current date. In addition to this Company has a healthy pipeline of sanctioned lines which are under process of disbursement."

Shares of PNB Housing Finance Ltd was last trading in BSE at Rs.561.05 as compared to the previous close of Rs. 565.85. The total number of shares traded during the day was 87132 in over 3330 trades.

The stock hit an intraday high of Rs. 577.6 and intraday low of 549. The net turnover during the day was Rs. 49017375.

Source: Equity Bulls

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