PNB Housing Finance to raise $100 mn from JICA, Citibank

PNB Housing Finance said it has signed an agreement with Japan International Cooperation Agency (JICA) and Citibank to raise USD 100 million (about Rs 762 crore) for providing loans in the affordable housing segment.

The company has signed an agreement with JICA to raise USD 75 million and with Citibank for USD 25 million, a release said.

“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,”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.

As on March 31, 2020, it maintained sufficient liquidity of around Rs 7,588 crore (not considering the SLR investments) and has additional sanctioned but undrawn funding lines of Rs 3,994 crore.

On the business front, it closed 2019-20 with assets under management of around Rs 84,000 crore with deposit mobilization of around Rs 9,200 crore.