DCM PNB HFL Bond (IFC-40989)

  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 22, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
PNB Housing Finance Limited
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 29, 2019

Disclosed by Bank Feb 15, 2018

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Project Description

The proposed project envisages a debt investment in PNB Housing Finance Limited. (“PNB HFL” or the “Company”) which is the 5th largest HFC (by loan assets) and 2nd largest HFC (by deposits) in India with asset under management (AUM) of ~US$9 billion as of December 2017. The investment proceeds from the proposed project by IFC is meant to be used to finance retail buyers/developers of affordable housing and developers of green buildings.

People Affected By This Project

Support to the affordable housing market: India does not yet have a vibrant affordable housing market. While the demand is huge, availability of financing and supply of stock is relatively very low. The problem could severely hamper the realization of the GOI's goal of "Housing for All" by 2022. In this respect, this initiative is part of IFC's holistic approach to support both buyers of affordable housing as well as developers of such housing units as defined under the PMAY scheme.
Reducing carbon emissions: The proposed investment is expected to generate environmental and economic benefits through the development of energy efficient housing construction projects and would help establish a market and an ecosystem for green housing construction in India.

Investment Description
Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actors Description

PNB HFL, a registered HFC with NHB,  is a listed entity currently, with PNB holding 32.96% stake in the Company, 37.3% held by Quality Investment Holdings (QIH) and rest by public shareholders.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - PNB Housing Finance Limited Client -

Contact Information


PNB Housing Finance Limited 
Mr. Sanjaya Gupta 
Managing Director 


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/