PNB Housing Finance zooms ~5% ahead of capital raising plan

7 Mar 2022 , 10:41 AM

PNB Housing Finance Ltd. added nearly 5% so far in today’s trade despite a drop in the broader indices. The company’s Board announced a meeting scheduled to raise capital, including through a rights issue after a failed attempt to raise Rs4,000 crore by selling a stake to Carlyle Group.

PNB Housing Finance was trading at Rs422.05, up by Rs19.15 or 4.75% against its previous closing price of Rs402.90. Its scrip opened at Rs409 and touched the day’s high and low of Rs433 and Rs396.60 respectively.

The company’s meeting is to be held on March 9, 2022, to consider the fund-raising plan by issuing of company’s equity shares through appropriate methods.

The company has earlier decided to sell a part of its stake to private equity firm Carlyle, but it failed due to the persisting controversies regarding the valuation of shares being offered.