PNB Hsg Fin to raise $75 mn from Japanese agency, $25 mn from Citi

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.

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