PNB Housing Finance approves Rs 2,500 crore rights issue - Check details, entitlement ratio here

The company will issue 9,06,81,828 fully paid-up equity shares each for an amount aggregating up to Rs 2,493.76 crore at a price of Rs 275 per fully paid-up equity share (including a premium of Rs 265 per equity share).

The record date has been fixed as Wednesday, April 5, 2023, for the purpose of determining the equity shareholders entitled to receive the rights entitlement in the rights issue.

The issue will open on April 13 and close on April 27, 2023.

The number of outstanding equity shares will increase to 25.95 crore from 16.88 crore currently post the full subscription of the rights issue.

In a meeting held on March 9, 2023, PNB Housing Finance’s board had given a go-ahead to the issue of equity shares through a rights issue to existing shareholders for not more than Rs 2,500 crore.

The housing finance arm of the public sector lender Punjab National Bank on March 14 received the approval of market regulator Securities and Exchange Board of India's (SEBI) to raise up to Rs 2,500 crore through rights issue of shares. The draft paper for the proposed rights issue was filed with SEBI in December 2022.

Shares of PNB Housing are trading 0.6 percent lower at Rs 481.90.