PNB Housing Finance raises $100 million from International Finance Corporation
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PNB Housing Finance, the fourth-largest housing finance company by loan assets and second-largest by deposits, has raised $100 million from International Finance Corporation (IFC), a member of the World Bank group, to fund small- and medium-ticket home loans.
Non-banking financial companies (NBFCs) have been facing a liquidity crunch since late last year. But NBFCs such as PNB Housing Finance, which are backed by a strong parent, are finding it easier to raise funds compared with other stand-alone ones.
Despite the market conditions, the housing finance major raised the funds at a cost of 8.70%, 60-70 basis points cheaper from raising funds in the domestic market, for a period of five years.