PNB Housing Finance to Raise ₹5,000 Crore via NCDs on Private Placement
PNB Housing Finance, a leading financial institution, announced its plans to raise capital amounting to ₹5,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis. The company’s board of directors is scheduled to convene on June 22, 2023, to discuss and approve the proposed issuance of NCDs.
In an official regulatory filing, PNB Housing Finance stated, “The board of directors’ meeting is set to take place on Thursday, wherein they will consider and approve the issuance of Non-Convertible Debentures, aggregating up to INR 5,000 Crore, on a Private Placement Basis.”
PNB Housing Finance recently disclosed its financial results for the fourth quarter of FY23, reporting a consolidated net profit of ₹279 crore, marking a substantial growth of 64.7% compared to ₹170 crore in the same period last year. The company’s net interest income for the January-March quarter amounted to ₹627 crore, reflecting a notable increase of 27% compared to ₹494.7 crore in the corresponding period of the previous year.
During Q4FY23, the company’s revenue from operations reached ₹1,635.71 crore, showcasing a growth rate of 14.71% as compared to ₹1,425.83 crore in the corresponding period of the preceding year.
According to the regulatory filing submitted by PNB Housing Finance to the stock exchanges, the disbursements for FY23 experienced year-on-year growth of 33%, totaling ₹14,965 crore. For Q4 FY23 alone, the disbursements amounted to ₹4,495 crore, indicating a 22% increase compared to the same quarter of the previous year.
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The gross non-performing assets (GNPA) of PNB Housing Finance showed a notable decline, reducing by 430 basis points to 3.83% as of March 31, 2023, in comparison to 8.13% in the corresponding quarter of the prior year. Furthermore, the retail GNPA decreased by 133 basis points to 2.57% during the fourth quarter, as opposed to 3.89% in the year-ago period. Notably, ICRA, CRISIL, and India Ratings upgraded PNB Housing Finance’s outlook from ‘negative’ to ‘stable’ in FY23.
On the stock market front, PNB Housing Finance’s scrip concluded Friday’s trading session on a positive note, witnessing a 1.66% increase to reach ₹570 on the BSE.
About PNB Housing Finance:
PNB Housing Finance Limited is a housing finance company that is registered with the National Housing Bank. It was established under the Companies Act, 1956 and began its operations on November 11, 1988. PNB Housing is backed by Punjab National Bank.
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