NEW DELHI:
Punjab National Bank (PNB) will not participate in capital raise plans of its housing finance subsidiary, PNB Housing Finance, but the company will continue to scout for raising equity from other sources, according to a regulatory filing. In August last year, PNB Housing Finance Ltd had informed about its plan to raise tier I capital up to Rs 1,800 crore through various modes including QIP, preferential issue of shares or a rights issue.
To this, PNB was awaiting approval from the Reserve Bank to infuse capital into PNB Housing Finance. In this context, Punjab National Bank has communicated that it shall not be participating in the capital raise plans of the company. However, the company will continue to pursue the proposed capital raising plan through permitted modes, PNB Housing Finance said in a regulatory filing.
No capital infusion by PNB in housing finance subsidiary
PNB Housing Finance Ltd had informed about its plan to raise tier I capital up to Rs 1,800 crore through various modes including QIP, preferential issue of shares or a rights issue
PTI | February 21, 2021 | Updated 09:07 IST
As of December 31, 2020, Punjab National Bank held 32.65 per cent stake in PNB Housing
Punjab National Bank (PNB) will not participate in capital raise plans of its housing finance subsidiary, PNB Housing Finance, but the company will continue to scout for raising equity from other sources, according to a regulatory filing. In August last year, PNB Housing Finance Ltd had informed about its plan to raise tier I capital up to Rs 1,800 crore through various modes including QIP, preferential issue of shares or a rights issue.
Punjab National Bank (PNB) will not participate in capital raise plans of its housing finance subsidiary, PNB Housing Finance, but the company will continue to scout for raising equity from other sources, according to a regulatory filing. In August last year, PNB Housing Finance Ltd had informed about its plan to raise tier I capital up to Rs 1,800 crore through various modes including QIP, preferential issue of shares or a rights issue. To this, PNB was awaiting approval from the Reserve Bank to infuse capital into PNB Housing Finance. In this context, Punjab National Bank has communicated that it shall not be participating in the capital raise plans of the company. However, the company will continue to pursue the proposed capital raising plan through permitted modes, PNB Housing Finance said in a regulatory filing.