PNB Housing set to raise around Rs 4,000 cr from Carlyle, others
Real Estate

PNB Housing set to raise around Rs 4,000 cr from Carlyle, others

PNB Housing Finance told the media that the board has approved a capital raising plan of Rs 4,000 crore by preferential issue of equity shares and warrants.

Carlyle Asia Partners IV, LP, and Carlyle Asia Partners V, LP affiliated entity Pluto Investments, have accepted to invest up to Rs 3,185 crore by a preferential allotment of equity shares and warrants, at Rs 390 per share.

Ares SSG and General Atlantic are managing the funds and are also participating in capital raise.

PNB Housing Finance CEO and Managing Director Hardayal Parasd said that the current fundraising and intended strengthening of the Board and management team will allow us to stimulate our strategic priorities.

A mandatory open offer by Pluto Investments will be affected by the recommended transaction for the acquisition of up to 26% equity shares of PNB Housing from public shareholders.

Former CEO and MD of HDFC Aditya Puri family investment, Salisbury Investments are also investing in capital raise. Puri is foreseen to be chosen to the board of the PNB Housing Finance as a Carlyle nominee director in due course.

The main purpose of the capital raise is to increase capital sufficiency, decrease gearing and stimulate growth in the retail section. The capital adequacy ratio of the company as of 31 March 2021, would rise from 18.7% to above 28%, and gearing as of 31 March 2021.

Image Source


Also read: Shriram Housing Finance to get Rs 500 cr capital infusion

Also read: Parinee Realty raises over Rs 325 cr for commercial project in Worli

PNB Housing Finance told the media that the board has approved a capital raising plan of Rs 4,000 crore by preferential issue of equity shares and warrants. Carlyle Asia Partners IV, LP, and Carlyle Asia Partners V, LP affiliated entity Pluto Investments, have accepted to invest up to Rs 3,185 crore by a preferential allotment of equity shares and warrants, at Rs 390 per share. Ares SSG and General Atlantic are managing the funds and are also participating in capital raise. PNB Housing Finance CEO and Managing Director Hardayal Parasd said that the current fundraising and intended strengthening of the Board and management team will allow us to stimulate our strategic priorities. A mandatory open offer by Pluto Investments will be affected by the recommended transaction for the acquisition of up to 26% equity shares of PNB Housing from public shareholders. Former CEO and MD of HDFC Aditya Puri family investment, Salisbury Investments are also investing in capital raise. Puri is foreseen to be chosen to the board of the PNB Housing Finance as a Carlyle nominee director in due course. The main purpose of the capital raise is to increase capital sufficiency, decrease gearing and stimulate growth in the retail section. The capital adequacy ratio of the company as of 31 March 2021, would rise from 18.7% to above 28%, and gearing as of 31 March 2021. Image Source Also read: Shriram Housing Finance to get Rs 500 cr capital infusion Also read: Parinee Realty raises over Rs 325 cr for commercial project in Worli

Next Story
Infrastructure Energy

Mizoram To Build Rs 139 Billion Pumped Storage Power Plant

Mizoram Chief Minister Lalduhoma on Friday announced plans to construct a 2,400 MW pumped storage hydroelectric power plant in Hnahthial district, marking a major step towards achieving energy self-sufficiency in the state. Addressing the Mizo Students’ Union general conference in Hnahthial town, the Chief Minister said the plant would be developed across the Darzo Nallah, a tributary of the Tuipui river. Once operational, the project is expected to play a pivotal role in meeting Mizoram’s rising electricity demand and reducing dependence on imported power. Officials from the State Power..

Next Story
Infrastructure Energy

Centre Plans Nationwide Opening Of Power Retail Market

India is preparing to open up its retail electricity market to private companies nationwide, effectively ending the long-standing monopoly of state-run power distributors in most regions, according to a draft bill released by the Union Power Ministry on Friday. The move will enable major private sector players — including Adani Enterprises, Tata Power, Torrent Power, and CESC — to expand their presence across the country’s electricity distribution landscape. A similar reform attempt in 2022 had faced strong opposition from state-run distribution companies (discoms), which currently dom..

Next Story
Infrastructure Energy

CEA Sets 100 GW Nuclear Target For India By 2047

In a landmark step marking its 52nd Foundation Day, the Central Electricity Authority (CEA) unveiled an ambitious roadmap to develop 100 gigawatts (GW) of nuclear power capacity by 2047, aligning with India’s long-term Net-Zero commitment and energy security objectives. The event, held at the Central Water Commission auditorium in New Delhi’s R.K. Puram, was attended by Pankaj Agarwal, Secretary, Ministry of Power, who served as the Chief Guest. The roadmap sets out a detailed plan to expand India’s nuclear capacity from its current level of approximately 8,180 MW as of early 2025, outl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?