Shriram Housing Finance Limited (SHFL) has raised $50 million via its maiden External Commercial Borrowing (ECB).

Funds from the ECB, which opens up a new channel for fundraising internationally going ahead, will be used for the financing of affordable housing in India, according to a statement by the housing finance company.

“SHFL has raised the ECB for a 3-year tenure, at a cost of 200 basis points over the SOFR (Secured Overnight Financing Rate). The borrowing is fully hedged,” the company said.

The HFC said it has financed 1.36 lakh housing units and has a gross loan book of ₹9,000 crore as of June-end 2023.