Latest News | Shriram Housing Finance Raises Rs 290 Cr Debt from Banks
Get latest articles and stories on Latest News at LatestLY. Shriram Housing Finance Ltd (SHFL) on Monday said it has raised long-term debt of Rs 290 crore from banks.
Mumbai, Jun 22 (PTI) Shriram Housing Finance Ltd (SHFL) on Monday said it has raised long-term debt of Rs 290 crore from banks.
The mortgage financier raised Rs 250 crore long-term loan from a state-run bank at 8.50 per cent, repayable in 5 years, and also raised Rs 40 crore through non-convertible debentures (NCDs) under the Reserve Bank of India's (RBI) targeted long-term repo operations (TLTRO 2) at an annualised coupon of 8.55 per cent, a release said.
"Besides the debt raised so far, we also have NCDs in the pipeline. This only strengthens our belief that there is sufficient liquidity available for well-managed companies," SHFL Managing Director and CEO Ravi Subramanian said in the release.
In the current calendar year, the company has raised over Rs 700 crore.
In the financial year ended March 31, 2020, the housing finance company's profit after tax grew to Rs 46.6 crore from Rs 16.6 crore in 2018-19.
It made an additional provision of Rs 10 crore for coronavirus-related impact on its portfolio.
Its gross non-performing assets (NPAs) stood at 2.4 per cent and net NPA at 2.1 per cent.
The company reported a 25 per cent growth in its asset under management to Rs 2,305 crore by clocking disbursal of Rs 1,127 crore for the year.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)