MUMBAI: Aditya Birla Capital Ltd (ABCL) is proceeding with plans to raise up to $300 million through external commercial borrowings (ECBs) in the current financial year even as non-banking financial companies continue to battle a liquidity squeeze. “We are looking to raise around $250-300 million for the non-banking finance company (NBFC) and $100 million for the housing finance company (HFC)," Srinivasan told Mint. ABCL’s plans follow close on the heels of the credit rating downgrade of housing finance companies which has raised fears of another liquidity crisis. ABCL has underlying businesses including NBFC, housing finance, life insurance, health insurance, and asset management. For the housing finance book, gross Stage 3 assets stood at 0.67%.

Source: Mint May 05, 2019 18:22 UTC