PNB Housing Finance gains on board nod to raise Rs 3,500 crore via NCDs

PNB Housing Finance gained 1.5 percent in the morning trade on November 28, with the housing finance company set to raise Rs 3,500 crore through non-convertible debentures (NCDs).

The board of directors approved the issuance of NCDs up to Rs 3,500 crore on a private placement basis in tranches over the next six months. This is the third instance of the housing financier raising funds in 2023.

On June 22, the housing finance company said it received the board’s approval for issuance of non-convertible debentures worth up to Rs 5,000 crore in tranches on private placement basis.

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Earlier in March, PNB Housing Finance’s board approved a rights issue of around 9.06 crore shares at a price of Rs 275 a 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 shareholder .

At 11.07 am, PNB Housing Finance was trading at Rs 788.60 on the National Stock Exchange, up 0.69 percent from the previous session.

PNB Housing Finance has gained 66.11 percent in 2023 against around a 9 percent rise in the benchmark Nifty 50.

The promoter Punjab National Bank pared its holding in the September quarter to 28.1 percent, 10 basis points from from the previous quarter.

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