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PNB Housing Finance has announced that its Board has approved a fundraise of Rs 2,000 crores through non-convertible debentures issued on a private placement basis.
PNB Housing Finance Limited (PNB Housing) is a registered housing finance company with National Housing Bank (NHB). It was incorporated in 1988 and is promoted by Punjab National Bank (PNB). With over three decades of specialized experience in housing finance, PNB Housing has a robust network of branches spread across the country which help its customers avail financial services (loans and deposits) seamlessly.
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The issue details such as price, interest, date, etc. will be announced by the company at a later date.
The board also approved an ESOP III 2022 Scheme & a Restricted Stock Unit 2022 Scheme in their meeting.
For the ESOP scheme, the notice read, "The maximum number of Options that may be issued pursuant to the Scheme shall not exceed 20,00,000 Options in number which will be convertible into an equal number of Equity Shares."
The notice also stated, "The maximum number of Stock Units that may be issued pursuant to the scheme shall not exceed 8,50,000 Stock Units in number which will be convertible into an equal number of Equity Shares." This was the limit placed for the RSU 2022 scheme.
The share of PNB Housing Finance has been steadily declining for the past year. It showed signs of reversing in early June but declined sharply when Indian indices collapsed on 10th June 2022. This week began with the share opening down and has been falling since then. It trades at around Rs 346 per share, registering a loss of 29.5% since the beginning of 2022.
Article by Aman Agarwal.
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