Key Points of PNB Housing Finance Rights Issue:
- PNB Housing Finance Ltd. has approved a rights issue to raise funds up to ₹2,500 crore.
- The rights issue will involve issuing approximately 9.06 crore shares at a price of ₹275 per share with a right entitlement ratio of 29:54.
- Eligible equity shareholders owning 54 equity shares will receive 29 equity shares on the record date, which is set for April 5, 2023.
- The company aims to raise up to ₹2,493.76 crore by issuing 9,06,81,828 fully paid-up equity shares, including a premium of ₹265 per equity share.
- The rights issue will be operational from April 13 through April 27, 2023, and the outstanding equity shares will increase from 16,88,55,818 to 25,95,37,646.
- PNB Housing Finance has made arrangements with NSDL and CDSL for the credits of the rights entitlements in dematerialized form in the demat account of eligible equity shareholders.
- As of the time of writing, PNB Housing Finance’s shares were trading at 487.10 per share.
Details of PNB Housing Finance Right Share Issue:
PNB Housing Finance Ltd. has approved a rights issue to raise funds up to ₹2,500 crore. The board has approved the issuance of approximately 9.06 crore shares at a price of ₹275 per share with a right entitlement ratio of 29:54. This means that eligible equity shareholders owning 54 equity shares will receive 29 equity shares on the record date, which is set for April 5, 2023. The company aims to raise up to ₹2,493.76 crore by issuing 9,06,81,828 fully paid-up equity shares, including a premium of ₹265 per equity share.
The rights issue will be operational from April 13 through April 27, 2023. Prior to the rights issue, the outstanding equity shares will be 16,88,55,818 fully paid equity shares, and post-rights issue, the fully paid equity shares will increase to 25,95,37,646.
PNB Housing Finance has made the necessary arrangements with NSDL and CDSL for the credits of the rights entitlements in dematerialized form in the demat account of eligible equity shareholders. The ISIN of the rights entitlement is INE572E20012, and the eligible equity shareholders will receive the rights entitlement in their demat account before the issue opening date.
At a meeting on March 9, 2023, the board of PNB Housing Finance considered and resolved to offer equity shares through a rights issue to current shareholders for a maximum of 2,500 crore.
At the time this text was being written, PNB Housing Finance’s shares were last seen trading at 487.10 per share.
About PNB Housing Finance:
PNB Housing Finance, established on November 11th, 1988, is a housing finance company registered with the National Housing Bank and incorporated under the Companies Act of 1956. It is backed by Punjab National Bank as its promoter.
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