Mortgage lender HDFC Ltd on Friday said it has raised USD 1.1 billion (around Rs 8,700 crore) from a clutch of investors under 'Syndicated Social Loan Facility' to cater to the affordable housing segment in the country.
The country's largest mortgage lender by asset size said it 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 in a release.
MUFG Bank Ltd (MUFG) is the lead social loan coordinator for this transaction along with being one of the Mandated Lead Arranger 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.
