Home First Finance Company announced in a BSE filing that it had raised Rs 280 crore from International Finance Corporation (IFC) through the issuance of 2,800 secured, rated, unlisted, redeemable, rupee denominated non-convertible debentures with face values of up to Rs 10 lakh each on a private placement basis with a tenor of up to seven years.
The funds raised will be used to finance retail buyers of housing units and green affordable housing units, promote home ownership among low-income groups, and support the development of green affordable housing.
IFC will also provide non-financial support in the form of knowledge, innovation, and capacity building through advisory engagement and non-commercial risk mitigation through IFC Advisory services, as per the terms of the agreement.
IFC will help Home First to develop its green housing framework, including technical assistance for the standards used to evaluate green housing, operationalizing the certification procedure, and building capacity for green housing certification, monitoring, and reporting.
Axis Trustee Services served as the trustee for the issue.
“We believe this partnership has a strong potential to enhance financial inclusion and green housing,” said Manoj Viswanathan, managing director & chief executive of Home First.
