PNB Housing Finance board okays raising up to Rs 1,800 cr

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NEW DELHI: PNB Housing Finance on Wednesday mentioned it would increase as much as Rs 1,800 crore fairness capital via a preferential or rights challenge.

The choice was taken at its board assembly on Wednesday, PNB Housing Finance mentioned in a regulatory submitting.

“The board of administrators of PNB Housing Finance at its assembly held at present i.e., August 19, 2020 has permitted to lift fairness capital aggregating as much as Rs 1,800 crore via preferential challenge/rights challenge,” it mentioned.

The fund increase is topic to shareholders’ approval and different regulatory clearances.

Desire shares are these whereby the holders of the inventory are paid fastened dividends in addition to given desire for being paid from the corporate’s belongings earlier than frequent stockholders in case it goes bankrupt.

Rights challenge refers to providing further shares to present shareholders proportionate to their present holding.

PNB Housing Finance is promoted by Punjab Nationwide Financial institution with a shareholding of 32.65 per cent as on June 30, 2020, whereas Carlyle group’s High quality Funding Holdings holds 32.22 per cent stake.

Inventory of PNB Housing Finance closed at Rs 275.45 apiece on BSE, up 5.58 per cent from its earlier shut.

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