Punjab National Bank to infuse Rs 500 crore share of PNB Housing Finance jumps 7%

Punjab National Bank (Punjab National Bank (PNB)After the board approved an investment of Rs 500 crore in the company, today i.e. on Wednesday 8 June, PNB Housing Finance (PNB Housing Finance) saw a jump of more than 7 percent. PNB will invest this amount by participating in the rights issue of PNB Housing Finance.

Shares of PNB Housing Finance saw gains. The stock closed 4 per cent higher at Rs 343 per share on the BSE. The stock has been seeing a rally in the last four sessions.

The stock has fallen close to 60 per cent in the last one year, while the stock has lost 30 per cent so far this year.

The housing finance company said in an exchange filing that the board of directors on getting RBI approval has approved investment of about Rs 500 crore by the bank in the proposed rights issue of PNB Housing Finance Limited (PNBHFL) so that the bank’s holding of 30 per cent or Less than that but remained above 26 percent.

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The holding of over 26 per cent stake will help Punjab National Bank to continue as the promoter of PNB Housing Finance.

In addition, the board of PNB Housing Finance will meet on June 13 to consider and approve the issuance of non-convertible debentures up to Rs 2,000 crore on private placement basis.

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