Housing and Urban Development Corporation Ltd. received the certificate of registration as a non-banking financial company or IFC—infrastructure finance company from the Reserve Bank of India.
The IFC status provided to the company will allow it to finance various infrastructure sectors in addition to housing, according to an exchange filing on Thursday.
Earlier, HUDCO acquired a $200 million loan from a group of lenders, marking its entry into the syndicated loan market. The loan was facilitated by the Sumitomoo Mitsui Banking Corp. Singapore branch, which served as the sole mandated lead arranger, bookrunner, and social loan coordinator.
These funds will help the state-run housing and infrastructure developer's aim to support the expansion of its social housing platform in addition to enhancing the quality of life for the Indian community and urban infrastructure.
Shares of HUDCO closed 1.71% higher at Rs 294.90 apiece, compared to a 0.43% rise in the benchmark BSE Sensex.
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