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Shriram Housing Finance raises Rs 290 cr debt from banks

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.

Published: 22nd June 2020 07:44 PM  |   Last Updated: 22nd June 2020 08:22 PM   |  A+A-

Salary, finance, money

For representational purposes.

By PTI

MUMBAI: 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 percent and net NPA at 2.1 percent.

The company reported a 25 percent growth in its asset under management to Rs 2,305 crore by clocking disbursal of Rs 1,127 crore for the year.

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