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Shriram Housing Finance raises Rs 300 crore from banks

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Mumbai: In indicators that banks are opening their purse strings for housing finance firms Shriram Housing Finance has raised long run money owed of round Rs 300 crore from lenders

The mortgage lender raised Rs 250 crores long run mortgage from a state-owned financial institution at an rate of interest of 8.50%, the mortgage being repayable in 5 years.

The corporate additionally raised Rs 40 crores via the NCD route underneath the RBIs TLTRO 2 window at an annualised coupon of 8.55%. With this, the corporate has raised over 700 crore within the present calendar 12 months.

“Regardless of the challenges, SHFL has all the time centered on getting new enterprise with out compromising on the portfolio high quality and we sit up for work for the advantage of the society and our clients conserving in thoughts the present pandemic state of affairs,” mentioned Ravi Subramanian, MD, Shriram Housing Finance. Apart from the debt raised to date, we even have NCDs within the pipeline. This solely strengthens our perception that there’s enough liquidity out there for properly managed firms.”

Within the lately declared earnings for the monetary 12 months 2020, the corporate reported a 25% development in its property underneath administration to Rs 2305 crore by clocking disbursal of Rs 1127 crore for the 12 months.

The revenue after tax grew from Rs 16.6 crore to Rs 46.6 crore in FY2020 registering a development of 179%. The online value of the corporate now stands at Rs 513 crore.

Strong credit score underwriting helped to convey gross non-performing loans at 5 12 months low of two.4% and web NPA at 2.1%. The mortgage lender has additionally made a further provision of Rs 10 crore for Covid associated impression on its portfolio.

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