Facebook Pixel Code

NHB plans to raise $200 m via ECB in next 10 days

National Housing Bank is looking at raising $200 million through external commercial borrowings (ECB) in the next 10 days, said RV Verma

National Housing Bank is looking at raising $200 million through external commercial borrowings (ECB) in the next 10 days, said RV Verma, chairman and managing director, on Thursday. The fund-raising will take place under the affordable housing scheme, which allows housing finance companies, including NHB, to raise funds through ECBs, with a ceiling of $1 billion each for 2013-14 and 2014-15.

The housing finance regulator has applied for an approval with the RBI and is expecting a response within a day or two. Verma expects the coupon rate for the issue to be 150-160 basis points over Libor.

LIC Housing Finance and PNB Housing Finance have also applied for overseas fund-raising under the affordable housing scheme,” Verma told reporters.

NHB?will exhaust its $1 billion for this financial year with this issue. “We have $1 billion dollars limit for FY15 too,” Verma confirmed.

Earlier this month, Housing Development Finance Corporation raised $300 million through the ECB market at a coupon rate of 175 bps over Libor.

Get live Share Market updates, Stock Market Quotes, and the latest India News and business news on Financial Express. Download the Financial Express App for the latest finance news.

First published on: 21-03-2014 at 04:26 IST
Market Data
Market Data
Today’s Most Popular Stories ×