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India's PNB Housing Finance raises US$265M in foreign loans

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India's PNB Housing Finance raises US$265M in foreign loans

India's PNB Housing Finance Ltd. raised US$265 million worth of loans from foreign lenders on Dec. 28, 2018.

The housing finance company said Jan. 2 that it raised the funds through the external commercial borrowing, or ECB, route. The company will use the funds for its normal on-lending operations.

ECBs are commercial loans raised by Indian companies from foreign entities, according to the Reserve Bank of India.

PNB Housing Finance noted that it raised a total of US$465 million through five-year foreign loans during the quarter ended Dec. 31, 2018.

As of January 2, US$1 was equivalent to 70.05 Indian rupees.