PNB Housing Finance share price doubles in last 6 sessions, Check TRIGGERS
PNB Housing share price is locked at 5% upper circuit on Monday, June 7. PNB Housing Finance share price today is 881.4, up Rs 42. The market cap of the company is Rs 14830 cr. PNB Housing share price has risen nearly 4.5 times from its 52 week low. PNB Housing Finance Board has approved Capital Raising Proposal of Rs 4000 cr by Carlyle Group. PNB Housing Finance share price has doubled in the past 7 sessions
PNB Housing share price is locked at 5% upper circuit on Monday, June 7. PNB Housing Finance share price today is 881.4, up Rs 42. The market cap of the company is Rs 14830 cr. PNB Housing share price has risen nearly 4.5 times from its 52 week low. PNB Housing Finance Board has approved Capital Raising Proposal of Rs 4000 cr by Carlyle Group. PNB Housing Finance share price has doubled in the past 7 sessions.
Aditya Puri is expected to be nominated to the PNB Housing Finance Board as a Carlyle nominee Director in due course. Over his 26 year tenure leading HDFC Bank, Mr. Puri grew the bank into the largest private sector bank in India and has been recognized globally as one of the world’s leading businesspersons.
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The key objective of raising capital is to augment capital adequacy, reduce gearing and accelerate growth with a focus on retail housing including self-employed and affordable housing loans such as the Unnati segment. Assuming full capital infusion (including warrants) and no other change to the March 31, 2021 financials, the capital adequacy ratio of the Company as of March 31, 2021 would increase from 18.7% to over 28% and gearing as of March 31, 2021 will decline from 6.7x to less than 5x.
Hardayal Prasad, Managing Director and CEO of PNB Housing Finance had said that, “This fund raise, and Carlyle’s continued support, puts us in a strong position to benefit from the growing opportunities in the housing finance sector including in the affordable housing loans and self-employed segments, where we have developed differentiated capabilities in terms of distribution, underwriting and customer service. The current fund raise and planned strengthening of the Board and management team will enable us to accelerate our strategic priorities, including further expanding our footprint, driving the Company’s digitalization, improving our operating model and customer engagement.”
About PNB Housing Finance:
PNB Housing Finance is promoted by Punjab National Bank and is a registered Housing Finance Company with National Housing Bank (NHB). The Company got listed on the Indian stock exchanges on 7th November, 2016. The Company offers to its retail customers “housing and non-housing loans”. The Company is also into construction finance loans to real estate developers for residential housing. PNB Housing Finance is a deposit taking Housing Finance Company
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