The mortgage lender, which is part of the Shriram Group, has raised the fund from Canara Bank s London branch at 200 basis points over Secured Overnight Financing Rate (SOFR), a company official said. The fund was raised for three years. The overall cost with one-year hedging cost has come around 8.4%, the official said. This is in line with the company s average borrowing cost of 8.5%. One basis point is 0.01 percentage point.
Shriram Finance: The mortgage lender, which is part of the Shriram Group, has raised the fund from Canara Bank s London branch at 200 basis points over Secured Overnight Financing Rate (SOFR), a company official said.
IIFL Finance, the non-banking finance arm of IIFL, has raised $175 million through a three-year external commercial borrowing (ECB) from lenders including HSBC and Bank of Baroda. The loan, priced at SOFR +200 basis points, will be used for onward lending purposes. $75 million was raised from HSBC and $50 million from Bank of Baroda, with the remaining amount secured from other lenders. IIFL Finance aims to reduce its cost of borrowing and diversify its borrowing sources with these funds.
The Supreme Court on Thursday upheld a Delhi High Court order directing the Delhi Metro Rail Corporation (DMRC) to pay over Rs 4,600 crore of arbitral award along with interest to the Delhi Airport Metro Express Private Limited (DAMEPL) in two equal installments in two months