PNB Housing Finance announced that its board of directors had granted approval to raise Rs 50 billion in bonds on a private placement basis. The issuance of Non-Convertible Debentures in tranches aggregating up to Rs 50 billion on a private placement basis had been approved by the Board of Directors of PNB Housing Finance. This is the second fundraising effort by the company in the current fiscal year. In April, PNB Housing successfully raised Rs 24.94 billion through a rights issue of shares. The company stated that the rights issue closed on April 27, 2023. The purpose of the funds raised from the rights issue was to strengthen the company's capital base. In March, PNB Housing had obtained approval from Sebi to raise up to Rs 25 billion through a rights issue of shares. The housing finance company had submitted draft papers to Sebi in December 2022 for the rights issue and had received the observations on March 6. PNB Housing had sought to raise equity capital worth Rs 40 billion from a group of investors led by the US-based Carlyle group. However, in October 2021, the company terminated the Rs 40 billion deal due to ongoing legal proceedings. PNB Housing explained that the proposed preferential issue had been delayed for over four months, despite already taking more than two years, because of pending legal proceedings before the Securities Appellate Tribunal (SAT). The company cited a lack of visibility or certainty regarding the timeline for resolving the legal issues. Recently, PNB Housing announced its financial results for the fiscal fourth quarter. The company reported a significant increase in profit, approximately 65 percent, for the quarter ending in March 2023, primarily driven by growing demand for housing loans. Its consolidated net profit for the quarter reached Rs 2.79 billion, compared to Rs 1.7 billion in the corresponding quarter of the previous year. The net interest margin was recorded at 3.74 percent, and net interest income expanded by 57 percent to Rs 5.93 billion. Also read: Adani JV to finance data centres in Noida and Chennai Odisha approves 15 key rural projects