Mortgage lender HDFC Ltd on Friday said that it has raised $1.1 billion (around Rs 8,700 crore) from a clutch of investors under the 'Syndicated Social Loan Facility' to cater to the affordable housing segment.
HDFC Ltd has raised the amount by way of external commercial borrowings (ECBs).
"This landmark financing further promotes HDFC's longstanding mission to be the leading provider of housing finance in India. Proceeds from the social loan would go towards financing affordable housing loans," the company said.
This is India's largest social financing issuance, the largest social loan globally, the first social ECB loan out of India and the largest ECB loan deal from a Housing Finance Company/private NBFC in India, HDFC said in a release.
MUFG Bank Ltd (MUFG) is the lead social loan coordinator for this transaction along with being one of the Mandated Lead Arrangers and Borrowers (MLAB), it said.
CTBC Bank, Mizuho Bank, State Bank of India and Sumitomo Mitsui Banking Corporation are the other MLABs and joint social loan coordinators.
Since its inception in 1977, the largest mortgage lender by asset size in the country has financed 9.5 million (95 lakh) housing units and has a gross loan book of Rs 6.7 trillion.
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