Comments
Shares of Punjab National Bank ended nearly 3 per cent higher as its subsidiary PNB Housing Finance has approached SEBI for an initial public offer to raise Rs 2,500 crore.
After rising 4.47 per cent to Rs 119 in intra-day trade on the BSE, the stock finally ended at Rs 116.95, up 2.68 per cent.
On the NSE, the stock gained 2.54 per cent to end at Rs 116.85.
On the volume front, 22.50 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day.
The leading housing finance firm, promoted by Punjab National Bank, will use the proceeds from the share sale mainly towards augmenting its capital base and for general corporate purposes.
According to the Draft Red Herring Prospectus (DRHP), the company plans to raise up to Rs 2,500 crore through the initial share sale and a portion will be reserved for the employees.
At the end of March 2016, PNB had 51 per cent stake in the company. Post-IPO, it will “continue to hold approximately 35-37 per cent of the issued and paid-up share capital”, according to the DRHP.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.