PNB Housing Finance is planning to raise $400 million through masala bonds in order to fund building of affordable homes. Of the total, World Bank’s arm IFC has agreed to underwrite $150 million from its own funds, while the balance would be raised through other investors. The money will be raised through masala bonds - rupee-denominated bonds issued in overseas capital markets.
PNB Housing Finance is a registered housing finance company with National Housing Bank (NHB). They provide housing loans to individuals and corporate bodies for construction, purchase, repair and upgradation of houses.
