INSUBCONTINENT EXCLUSIVE:
Kolkata: PNB Housing Finance said its board has approved fund raising up to Rs 1700 crore through share sales including a preferential
allotment of shares to its existing shareholder Carlyle Group.
The fund raising will be done through book building, a process by the price
of the share is determined through market forces.
The exercise is likely to take place in the first quarter of FY21, PNB Housing Managing
Director Sanjay Gupta told ET
The company was earlier planning to conclude the exercise by the end of this fiscal.
PNB Housing board on Tuesday approved to raise equity
capital aggregating up to Rs 1,700 crore through a qualified institutional placement," the mortgage lender said in a regulatory filing to
stock exchanges.
ET had earlier highlighted the possibility of Carlyle Group, General Atlantic Singapore Fund FII Pte Ltd, International
Housing through a group company, called Quality Investment Holdings
"The board also considered it advisable, subsequent to the successful closure of the QIP, to offer Quality Investment Holdings and/or its
affiliates/nominees a preferential allotment of equity shares and/or permissible securities (including convertible securities/warrants) of
the company," PNB Housing said
Punjab National Bank (PNB), which holds 32.43% in the mortgage subsidiary, will not subscribe to the share sale
Its holding would thus be diluted but it would not go below 26%, Gupta said.