PNB Housing Finance on Saturday said it fell short of mandatory borrowing through debt securities in 2019-20 by Rs 2,467.50 crore because of a subdued debt market. The housing finance company (HFC) said its incremental borrowing last fiscal was Rs 21,870 crore.
Of this, the mandatory borrowing to be done through issuance of debt securities (25 per cent of incremental borrowing) was Rs 5,467.50 crore, but the company's actual borrowing under this head stood at Rs 3,000 crore.
Hence, there was a shortfall of Rs 2,467.50 crore in the mandatory borrowing through debt securities.
"The long term debt securities market was very subdued for NBFC and HFC sector in general during the FY 2020 due to which the company was unable to tap the debt securities market for requisite 25 per cent of the incremental long term borrowings," PNB Housing Finance said in a regulatory filing.
The company's outstanding borrowing as on March 31, 2020 stood at Rs 58,475 crore.
The outstanding borrowings refer to those with original maturity of more than one year, excluding external commercial borrowings and inter corporate borrowings between parent and subsidiary, it said.
Comments
0 comment