PNB Housing Finance has raised ₹ 2493.76 Crore through a successful rights issue. The subscription was 1.21 times the issue, with significant investor interest from both institutional and individual investors. The successful capital raise is seen as a testament to the strength of PNB Housing Finance’s business model and will act as a catalyst for further expansion.
PNB Housing Finance MD and CEO, Girish Kousgi, expressed his elation at the overwhelming response the company received for its recently closed Rights Issue, which saw significant investor interest from both institutional and individual investors, both domestic and foreign.
Kousgi expressed his gratitude towards the existing shareholders and the new investors who have shown their trust in the bank by participating in the rights issue.
He expressed his confidence in our business model and highlighted that the successful capital raise demonstrates it. We are now poised to seize the available growth opportunities with renewed vigor.
This infusion of capital is not just a financial boost but also a testament to the strength of our balance sheet and will act as a catalyst for further expansion.
May 4, 2023, is the date when the allotment of Rights Equity Shares is set to take place. Come May 11, 2023, the BSE and NSE will witness the listing of these shares.
Leading the way as the lead managers to the Rights Issue are Axis Capital Limited, BNP Paribas, BoFA Securities India Limited, and J.P. Morgan India Private Limited.
PNB Housing Finance has raised ₹ 2493.76 Crore through a successful rights issue which will help improve the company’s financial position by strengthening its balance sheet.
The infusion of new capital can help to reduce debt, improve liquidity, and provide a cushion against unexpected financial shocks. All of these factors can help to improve the company’s overall financial health and make it a more attractive investment opportunity for both existing and potential shareholders.
Source: BSE India
