New Delhi, Jun 13: PNB Housing Finance on Saturday said that it fell short of mandatory borrowing through debt securities in FY20 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 the 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 the shortfall of Rs 2,467.50 crore.
"The long term debt securities market was very subdued for NBFC and HFC sector in general during the FY20 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.
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The company's outstanding borrowing as on March 31, 2020, stood at Rs 58,475 crore.
The outstanding borrowings refer to those with an original maturity of more than one year, excluding external commercial borrowings and inter-corporate borrowings between parent and subsidiary, it said.
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