PNB Housing Finance grows 3% as firm announces fundraising plans

PNB Housing Finance added around 3% in early trade as the investors cheered its fresh efforts to raise capital through fundraising. The mortgage lender board is scheduled to raise capital through a rights issue after a failed attempt to garner Rs 4,000 crore by selling a stake to Carlyle Group. PNB Housing Finance’s counter rose to Rs 414.40 against the previous close of Rs 402.90 on the National Stock Exchange (NSE). Bombay Stock Exchange (BSE) Sensex and the Nifty 50 were trading down 3% and 2.8% respectively. The company told the media that a meeting of the Board of Directors of PNB Housing Finance Limited had been scheduled to be held on 9 March to consider fundraising options by the issue of equity shares through suitable methods, subject to requisite approvals. According to the Securities and Exchange Board of India (SEBI) Regulations 2015, and the Insider Trading Policy of the Company, the trading window for dealing in the securities will be closed from 5 March to 11 March for the appointed persons. According to a report, PNB Housing Finance had decided to sell a part of its stake to a group of investors led by Carlyle Group. The matter has reached the Securities Appellate Tribunal (SAT) after the intervention of SEBI. The company has nixed the proposal of raising Rs 4,000 crore funds due to a legal battle. Image Source Also read: PNB Housing Finance Q2 results: Net profit down 25% at Rs 235.21 cr