PNB Housing Finance To Consider Raising Rs 2,500 Crore Via NCDs
Shares of PNB Housing Finance closed 4.99% higher at Rs 1,052.90 apiece on the BSE.
The board of directors of PNB Housing Finance Ltd. will consider raising non-convertible debentures of up to Rs 2,500 crore at a meeting that is scheduled to be held next Monday.
The lender will raise the funds through a private placement basis in multiple tranches over the next six months, according to an exchange filing on Wednesday.
Earlier in August, Asia Opportunities V (Mauritius) Ltd. divested 78 lakh shares or a 3% stake for Rs 676 crore in the bank through open market transactions. General Atlantic Singapore Fund FII Pte. and Pioneer Investment Fund also divested 5.13% and 0.23%, respectively, in the bank for Rs 11,000 crore through open market transactions.
Shares of PNB Housing Finance closed 4.99% higher at Rs 1,052.90 apiece on the BSE, compared to a 0.25% fall in the benchmark Sensex. The stock has risen 58.93% in the last 12 months and 34.85% on a year-to-date basis.
Out of 12 analysts tracking the company, 10 have a 'buy' rating on the stock, one suggests 'hold' and another recommends 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 4.8%.
