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LIC invests RS 2500 crore in PNB Housing

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LIC INVESTS

During the FY20, PNB Housing has so far mobilised Rs 27,000 crore through long term sources.

Life Insurance Corporation of India has invested Rs 2,500 crore in PNB Housing Finance through the issue of secured redeemable non-convertible debentures (NCDs), the company said in a media release.

This issuance is through private placement basis with a door to door tenure of 10 years and the proceeds will be utilised by the company for its normal course of business operations.

Sanjaya Gupta, managing director, PNB Housing Finance said, “As we indicated in the last earnings call, this is the second NCD issuance by the company for the financial year 19-20 after the first lot of Rs 500 crore subscribed by a foreign bank.”

“We have significantly cut down our dependency on Commercial Paper to around 5% of total resources as of current date during the current financial year,” said Gupta.

During the FY20, PNB Housing has so far mobilised Rs 27,000 crore through long term sources. This mobilisation includes Rs 6,379 crore through Fixed Deposits, Rs 5,899 crore through securitisation (Direct Assignment route), Rs 3,000 crore through NCDs, Rs 1,211 crore through ECBs and balance in the form of bank facilities. 

Source: ET Realty

(Note: The story has been published without modifications to the text. Only the headline and intro have been changed.)

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