PNB Housing Raises $75 Million From Singapore-Based Firm Via RBI’s Automatic Approval Route; Second ECB In FY20

Punjab National Bank (PNB) Housing Finance Limited has raised $75 million from Singapore based Sumitomo Mitsui Banking Corporation (SMBC) via RBI’s automatic approval route for external commercial borrowing (ECB), ANI has reported.

"Continuous raising of ECBs under the present market environment and that too from global financial institutions and banks only exhibits the strong fundamentals, core strength and inherent growth prospects of the company and the trust of the international lenders in us," Sanjaya Gupta the company’s MD said.

This is PNB Housing’s second ECB in FY20 with the company having raised $100 million in July from the World Bank’s International Finance Corporation. The group is looking to further ECBs in the financial year.

"The RBI has allowed to borrow ECB up to 750 million dollars annually under the automatic route and we reiterate considering the other ECB proposals which are in pipeline, that in the coming months our company will further utilise the facility," Gupta said.