PNB Housing Finance shares hit 5% upper price band as the firm eyes raising $100 mn from JICA, Citibank

PNB-Housing-Finance

Shares of PNB Housing Finance hit their 5 percent upper price band at Rs 169.65 in early trade on BSE on April 7, a day after the company said it had signed an agreement with Japan International Cooperation Agency (JICA) and Citibank to raise $100 million (about Rs 762 crore) for providing loans in the affordable housing segment.

As per the press release, the company has signed an agreement with JICA to raise USD 75 million and with Citibank for USD 25 million.

“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 the country,” the company’s managing director Sanjaya Gupta said.

Its CFO Kapish Jain said these are long-term loans of five years that would further help in balancing the company’s asset-liability management (ALM) position.

The company claimed, as on March 31, 2020, it had maintained sufficient liquidity of around Rs 7,588 crore. It had additional sanctioned but undrawn lines of Rs 3,994 crore and had serviced all its committed liabilities to date without exercising the moratorium option.

Shares of the company traded 3.09 percent higher at Rs 166.60 on BSE around 09:45 hours IST.

News Source: Moneycontrol

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