In a rare move, the state-owned Housing and Urban Development Corporation (Hudco) has managed to secure $448 million (around ₹3742 crore) in Yen debt.
What Happened: Hudco has successfully raised a substantial amount in Yen debt, a rare occurrence for a state-owned firm, the Economic Times reported. The funds procured will be utilised for lending purposes in India.
See Also: This Investor Bought Another 10 Lakh Shares Of Trent On Tuesday
Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp and Mizuho Bank, Japan’s three largest banking groups in terms of assets partnered together to finance the deal. ET reported the five-year loan was priced at 70 basis points above the interbank benchmark rate in Japan.
The report said the landed cost of the loan after hedging would come at less than 7% which is less than the cost for a tenure loan in the domestic market.
Read Next: This Micro Cap Stock Surges 5% After Porinju Veliyath Buys Stake
Engineered by Benzinga Neuro, Edited by Ananthu CU
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.