INSUBCONTINENT EXCLUSIVE:
Shriram Housing Finance has raised nearly ?700 crore from five banks in the last one month through securitisation deals, term loans and
refinancing through the National Housing Bank.
Parent Shriram City Union Finance is also exploring a fund infusion of ?500 crore in two
We are now back in business fullfledged and the cash will suffice till March
Union Finance could be a rights issue with a proportionate participation from Valiant partners, which holds 22% stake in the company
The mortgage-lender has raised term loans of ?150 crore from Syndicate Bank, ?100 crore each from Indian Bank and United Bank of India
It also raised ?150 crore from Canara Bank through a securitisation deal and ?50 crore via a pass-through certificate (PTC) from ICICI Bank
It also raised ?130 crore from National Housing Bank (NHB) through the refinance scheme.
Non-bank lenders have been facing a liquidity
squeeze since the time government-backed infrastructure financier IL-FS defaulted on payments in September last year.
Even top AAA-rated
NBFCs were forced to pay spreads as high as 1.5% over money borrowed from the market, which was mere 40 bps before the collapse of IL-FS
But a push from finance minister Nirmala Sitharaman and multiple moves from the Reserve Bank of India is slowly restoring normalcy back to
premium housing, the company plans to focus on six states of Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra, Gujarat and Rajasthan to
grow its mortgage book.
Shriram Housing Finance also said it does not have a single delinquent account from October 2018 onwards.
The
