PNB Housing Finance gains on 2nd fundraising plan in 3 months

While PNB Housing Finance’s retail segment is on a steady growth path, its corporate segment has slowed down significantly on account high non performing assets

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PNB Housing Finance shares opened higher on June 19 after the company announced its second fundraise plan in just under three months. At 9:20 am, the stock was quoting at Rs 577 on the NSE, higher by 1.2 percent from previous close.

Moneycontrol was the first to report this in MC Insider edition of June 7.

The housing financier’s board will meet on Jun 22 to discuss a proposal to raise Rs 5000 crore through private placement of non-convertible debentures (NCDs).

Follow our live blog for all the market action

Earlier in March, PNB Housing Finance‘s board had approved a rights issue of around 9.06 crore shares at a price of Rs 275 per share to raise up to Rs 2,500 crore. The right entitlement ratio was 29:54 under which 29 equity shares were offered for every 54 units held by an eligible equity shareholder on the record date.

Market participants believe that the company is in aggressive fundraise mode to meet the rising demand for home loans. The Reserve Bank of India has announced two rate hike pauses for now, and with cuts expected to roll out from December, home loans will also become cheaper.

The back-to-back fundraise plans come after the company settled with Securities and Exchange Board of India (SEBI) in July 2022. It was regarding a dispute involving alleged rules violations in the issue of preferential securities to the US-based Carlyle Group.

In Q4 FY23, PNB Housing Finance reported a consolidated net profit of Rs 279 crore, registering a growth of 64.7 percent, compared to Rs 170 crore in the corresponding period last year. The company’s net-interest income for the January-March quarter came in at Rs 627 crore, posting a rise of 27 per cent, compared to Rs 494.7 crore in the year-ago period.

The gross non-performing assets (GNPA) for the company stood at 3.83 percent as on March 31, 2023, as compared to 8.13 percent as on March 31, 2022, and 4.87 percent as on December 31, 2022.

While the company’s retail segment is on a steady growth path, its corporate segment has slowed down significantly on account high non performing assets. The management said in an interview with CNBC-TV18 that it plans to restart the corporate business by end of the year.

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