Shriram Housing Finance Limited (SHFL) announced on July 10 that it has successfully raised $50 million through its first-ever external commercial borrowing (ECB) initiative.
The raised funds will be utilized to support the financing of affordable housing projects in India, aligning with SHFL’s commitment to providing accessible housing solutions.
SHFL procured the ECB with a three-year tenure, at a competitive rate of 200 basis points over the Secured Overnight Financing Rate (SOFR).
“We are delighted to explore new avenues by raising international funds through our maiden ECB. This $50 million injection will not only help us manage our cost of funds efficiently but also highlights the immense investor confidence in SHFL, evident from our solid execution track record and exceptional asset quality,” stated GS Agarwal, Chief Financial Officer of Shriram Housing Finance.
As of June 2023, SHFL has already financed 136,000 housing units, accumulating a gross loan book valued at Rs 9,000 crore. Over the past four years, the company has consistently demonstrated accelerated growth, achieving an impressive 44 percent Compound Annual Growth Rate (CAGR) in its Assets Under Management (AUM).
SHFL prides itself on its diversified borrowing strategy, which encompasses bank debt, debt capital market, National Housing Bank (NHB) refinancing, pass-through certificates, and now, the addition of ECB.
About Shriram Housing Finance:
Shriram Housing Finance Ltd. (SHFL) operates as a subsidiary of Shriram City Union Finance Ltd. and is affiliated with the Chennai-based Shriram Group, which has a history of over four decades. SHFL is a Housing Finance Company (HFC) and is officially registered with the National Housing Bank. It commenced operations in December 2011 and has its headquarters in Mumbai. With a workforce of over 800 employees, SHFL currently operates 65 branches throughout the country.
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