PNB Finance plans to raise USD 400 million for affordable housing

Godrej Properties makes first investment from $275 million fundBy Accommodation Times Bureau


To fund affordable homes, PNB Housing Finance plans to raise $400 million via masala bonds. PNB Housing Finance is a subsidiary of Rs 11,400 crore scam-hit Punjab National Bank.

According to market sources, World Bank’s arm IFC has agreed to underwrite $150 million from its own funds while the balance of $250 million would be raised through other investors.

The currency will be lifted via PNB Housing’s masala bonds in rupee denominated bonds issued in overseas capital markets, sources added.

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