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Business News/ Markets / Stock Markets/  PNB Housing Finance raises 2,500 Cr rights issue with an entitlement ratio of 29:54
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PNB Housing Finance raises ₹2,500 Cr rights issue with an entitlement ratio of 29:54

In order to raise funds up to ₹2,500 crore, the board of PNB Housing Finance Ltd. has approved a rights issue of approximately 9.06 crore shares at a price of ₹275 per share.

The shares of PNB Housing Finance were last seen trading today at ₹487.10 apiece level while writing this copy.Premium
The shares of PNB Housing Finance were last seen trading today at 487.10 apiece level while writing this copy.

In order to raise funds up to 2,500 crore, the board of PNB Housing Finance Ltd. has approved a rights issue of approximately 9.06 crore shares at a price of 275 per share. The right entitlement ratio of 29:54, under which 29 equity shares would be issued for every 54 equity shares owned by an eligible equity shareholder on the record date, was adopted by the board at its meeting on Tuesday, March 28. In order to raise up to 2,493.76 crore, the company would issue 9,06,81,828 fully paid-up equity shares at a price of 275 per fully paid-up equity share (including a premium of 265 per equity share).

For the purpose of identifying the equity shareholders eligible to receive the rights in the rights issue, the record date has been set as Wednesday, April 5, 2023. From April 13 through April 27, 2023, the issue will be operational. Prior to the rights issue, the outstanding equity shares will be 16,88,55,818 fully paid equity shares; and post rights issue the fully paid equity shares will rise to 25,95,37,646. 

“Further, in terms of SEBI Circular SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated January 22, 2020, the Company has made necessary arrangement with NSDL and CDSL for the credits of the rights entitlements in dematerialized form in the demat account of the eligible equity shareholders as on the Record Date. The ISIN of such rights entitlement is INE572E20012. The rights entitlement of the eligible equity shareholders as on the Record Date, shall be credited prior to the issue opening date, in the respective demat account of the eligible equity shareholders under the aforementioned ISIN," said PNB Housing Finance in a stock exchange filing.

The board of PNB Housing Finance discussed and decided to offer equity shares through a rights issue to existing shareholders for a maximum of 2,500 crore at a meeting held on March 9, 2023.

The shares of PNB Housing Finance were last seen trading today at 487.10 apiece level while writing this copy.

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Published: 29 Mar 2023, 03:30 PM IST
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