PNB Housing Finance mulls Rs 50 billion NCD raise
Real Estate

PNB Housing Finance mulls Rs 50 billion NCD raise

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


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

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code