PNB Housing Finance Managing Director Sanjaya Gupta said this was the first debt funding by the Japanese agency in the Indian mortgage lending space, and that he hopes for a "long-term relationship" with them.
"We have signed the agreement and the disbursement of this ECB facility shall be availed soon. This is a long term facility of five years that would further help in balancing our ALM (asset-liability management) position," the mortgage lender quoted Kapish Jain, chief financial officer of PNB Housing Finance. At 0951 IST, shares of PNB Housing Finance were up 3.8% on the National Stock Exchange at 161 rupees.
On Thursday, Mahindra & Mahindra Financial Services had signed an agreement to raise 10 bln yen or about 6.9 bln rupees as a loan from Japan International Cooperation Agency to provide funding to micro entrepreneurs, and small and medium enterprises.
