PNB Housing Finance partners with Azad Foundation in Women with Wheels programme
Posted On: 2021-03-08 06:03:16 (Time Zone: Arizona, USA)
This International Women s Day, PNB Housing Finance has announced a partnership with a Delhi-based NGO, Azad Foundation, under a programme called Women with Wheels . This unique partnership will facilitate underprivileged women gain driving skills and become independent cab drivers to lead a self-sufficient life with dignity and pride.
Under this partnership, PNB Housing Finance will be donating electric cars in Jaipur and Indore that will help women in these cities to earn their livelihood and become financially independent. This initiative will generate an annual income of around Rs 4.5 lakhs for the women drivers and it will also generate about 10000 safe rides for women passengers, making public transport safer for women.
February 22, 2021
But housing finance arm to go ahead with capital raising plans
Punjab National Bank (PNB) will not be participating in the capital-raise plans of its associate company PNB Housing Finance Limited (PNBHFL). However, despite the promoter PNB not participating, PNBHFL intends to continue to pursue with its proposed plan to raise ₹1,000 crore capital.
This decision by PNB is being seen in banking circles as a consequence of RBI not giving the go ahead to the bank’s application to infuse equity in PNBHFL.
“Punjab National Bank has communicated that it will not be participating in the capital-raise plans of the company. However, the company will continue to pursue with the proposed capital-raising plan through permitted modes,” PNBHFL said in a regulatory filing with the bourses.
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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.