PNB Housing Finance will raise Rs 4,000 crore from The Carlyle Group.
Shares of the country s leading mortgage lender - PNB Housing Finance - were locked in 20 per cent upper circuit for second session in a row on Tuesday at fresh 52-week high of Rs 630.20. In the last two trading sessions the stock has gained 44 per cent after the company informed exchanges on Monday that its board has approved raising Rs 4,000 crore from the entities of US-based The Carlyle Group. Pluto Investments S.a.r.l., an affiliated entity of Carlyle Asia Partners IV, L.P. and Carlyle Asia Partners V, L.P. (together, Carlyle ) has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants, at a price of Rs 390 per share. Existing shareholders of the company, funds managed by Ares SSG and General Atlantic, are also participating in the capital raise. PNB will continue to be the promoter and a key stakeholder in the company, PNB Housing Finance said in a press rele
Market Movers: HFCs continue to party; auto stocks dampen mood
SECTIONS
Share
Synopsis
While PNB Housing Finance managed another 20 per cent upper circuit move, other housing finance stocks also jumped, between 3 and 18 per cent.
PNB Housing Finance managed another 20% upper circuit move.
Related
NSE
Explore Now
MUMBAI: Who could have imagined that a banker could be responsible for good times and yet look at housing finance companies, drenched in the joy of being endorsed by none other than the Sachin Tendulkar of banking, Aditya Puri.
While this space will not effusively speak of who and what Aditya Puri is given that so much has already been said about the former HDFC Bank supremo, but his entry in
Carlyle and its affiliated funds will invest up to Rs 3,185 crore in the housing finance company through a preferential allotment of equity shares and warrants at a price of Rs 390 per share, a discount of nearly 11 per cent to Fridays closing price.