Monday , October 25 2021

PNB Housing Finance touches roof as its board approves capital raise of Rs 4,000 crore led by Carlyle

PNB Housing Finance is currently trading at upper circuit limit of Rs. 525.20, up by 87.50 points or 19.99% from its previous closing of Rs. 437.70 on the BSE.

The scrip opened at Rs. 440.00 and has touched a high and low of Rs. 525.20 and Rs. 440.00 respectively. So far 85630 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 525.20 on 31-May-2021 and a 52 week low of Rs. 172.35 on 29-May-2020.

Last one week high and low of the scrip stood at Rs. 525.20 and Rs. 401.95 respectively. The current market cap of the company is Rs. 8837.44 crore.

The promoters holding in the company stood at 32.64%, while Institutions and Non-Institutions held 27.82% and 39.55% respectively.

PNB Housing Finance’s board has approved a capital raise of up to Rs 4,000 crore, led by entities affiliated to The Carlyle Group Inc (Carlyle). Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, L.P. and Carlyle Asia Partners V, L.P. (together,Carlyle) has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants, at a price of Rs 390 per share. Existing shareholders of the company, funds managed by Ares SSG and General Atlantic, are also participating in the capital raise. PNB will continue to be the Promoter and a key stakeholder in the company.

The transaction is subject to customary regulatory approvals as well as shareholder approval. Pursuant to the Securities and Exchange Board of India’s Takeover Regulations, the proposed transaction will trigger a mandatory open offer by Pluto Investments S.a.r.l. for the purchase of up to 26% equity shares of PNB Housing Finance from public shareholders.

PNB Housing Finance is a registered housing finance company with National Housing Bank (NHB). They provide housing loans to individuals and corporate bodies for construction, purchase, repair and up-gradation of houses.

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