Live
- Gold prices likely to further come down with no near-term positive triggers
- Tough decision, but it's the right one: Southee on Test retirement
- After caste census, Dalits, tribals, poor will recognise their true strength: Rahul Gandhi
- Who was Birsa Munda, whose 'Ulgulan' declared the end of British rule in Jharkhand?
- Logistic firm Delhivery’s profit tanks over 80 pc in April-Sep period
- Five selected as Indian Rhodes Scholars for 2025
- Raj Thackeray releases MNS election Manifesto with a ‘key’ to implementing it
- COP29: 3 methodologies approved for issuing high-integrity carbon credits
- MP: Celebrations of Birsa Munda's birth anniversary begin in presence of Guv, CM in Shahdol
- NGT seeks details of waste to energy plants not complying with norms
HDFC raises Rs 8,700 cr as 'social loan'
HDFC raises Rs 8,700 cr as ‘social loan’
To finance affordable housing segment
New Delhi: HDFC Ltd on Friday said it has raised $1.1 billion (around Rs 8,700 crore) from a clutch of investors under 'Syndicated Social Loan Facility' to cater to the affordable housing segment in the country. The country's largest mortgage lender by asset size said it has raised the amount by way of external commercial borrowings (ECBs).
"This landmark financing further promotes HDFC's longstanding mission to be the leading provider of housing finance in India. Proceeds from the social loan would go towards financing affordable housing loans," the company said in a release. MUFG Bank Ltd is the lead social loan coordinator for this transaction along with being one of the Mandated Lead Arranger and Borrowers (MLAB), it said. CTBC Bank, Mizuho Bank, State Bank of India and Sumitomo Mitsui Banking Corporation are the other MLABs and joint social loan coordinators. This is India's largest social financing issuance, the largest social loan globally, the first social ECB loan out of India and the largest ECB loan deal from a Housing Finance Company/private NBFC in India, HDFC said.
External Commercial Borrowings are instruments used by domestic entities to raise capital from overseas markets in Indian rupee or any other permitted foreign currency. Since its inception in 1977, the largest mortgage lender by asset size in the country has financed 95 lakh housing units and has a gross loan book of Rs 6.7 lakh crore.
