PNB board OKs infusing Rs 500 cr in PNB Housing Finance

Image
Capital Market
Last Updated : Jun 08 2022 | 11:04 AM IST

The board of Punjab National Bank (PNB) has approved an investment of upto Rs 500 crore by participating in the rights issue of PNB Housing Finance.

The public sector bank's board has approved the bank's participation in the proposed rights issue of PNB Housing Finance (PNBHFL) for an amount upto Rs 500 crore, in order to retain bank's shareholding at 30% or below but above 26%, and to retain its status as promoter.

Separately, PNB Housing Finance board will meet on 14 June 2022 to consider and approve issuance of non-convertible debentures aggregating up to Rs 2,000 crore on private placement basis.

PNB Housing Finance is a deposit-accepting housing finance company, with second largest deposits outstanding within housing finance companies. As on 31 March 2022, Punjab National Bank held 32.57% in PNB Housing Finance.

Punjab National Bank is a public sector bank. As on 31 March 2022, the bank had 10,098 number of branches, 13,350 number ATMs and 15,719 business correspondents. The Government of India held 73.15% stake in the bank as on 31 March 2021.

Shares Punjab National Bank rose 0.64% to Rs 31.40 , while scrips of PNB Housing Finance rallied 5.23% to Rs 347.20 on the BSE.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 08 2022 | 10:12 AM IST

Next Story