LIC Housing plans to raise up to Rs 1k cr through ECBs

LIC Housing Finance Limited is mulling raising Rs 700-1,000 crore through External Commercial Borrowings (ECBs), according to Chief Executive V K Sharma.

Last month, RBI allowed real estate developers and housing finance companies to raise up to $1 billion through external commercial borrowings (ECBs) in the current fiscal to promote low-cost housing projects. Sharma said a committee comprising of senior officials of the company has been formed which is in touch with the apex bank on the ECB issue.

“We expect that we will be in that segment which has been permitted by RBI. We expect that we will be raising somewhere around Rs 700-1,000 crore. We will apply for that,” Sharma said, on the sidelines of a two-day property exhibition here.