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PNB Housing Finance board gets board approval to raise Rs 3,500 crore via NCDs; stock gains ~1%

28 Nov 2023 , 02:22 PM

PNB Housing Finance was trading 1% higher in afternoon trade on 28 November, as the housing financing business is prepared to raise Rs 3,500 crore through non-convertible debentures (NCDs).

The board of directors authorized the issuance of NCDs worth up to Rs 3,500 crore via private placement over the following six months. This is the third time the housing financier has raised funding in 2023.

On June 22, the home financing company said that it received board approval to issue non-convertible debentures worth up to Rs 5,000 crore in tranches via private placement.

Earlier in March, the board of PNB Housing Finance approved a rights offer of about 9.06 lakh shares at a price of Rs 275 per share in order to raise up to Rs 2,500 crore. The right entitlement ratio was 29:54, which meant that an eligible shareholder received 29 equity shares for every 54 units owned.

At around 2.14 PM, PNB Housing Finance was trading 0.59% higher at Rs 787.80, against the previous close of Rs 783.20 on NSE. The counter touched an intraday high of Rs 784.60.

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