PNB Housing Finance to raise Rs.2,500-Cr via rights issue

The board of PNB Housing Finance (PNB HFC) has approved the company's plans to raise INR 2,500 crore in equity by issuing shares through rights issue to meet capital adequacy norms and support business growth. In October 2021, PNB HFC dropped plans for a preferential issue of equity shares to raise INR 4,000 crore from a group of investors led by private equity fund Carlyle. The protracted litigation and uncertainty over approvals led to calling off the deal. Public sector lender Punjab National Bank, as promoter, held 32.57 % stake in the HFC at end of December 2021.