0.5% NCD Hike on a private Placement Basis by PNB Housing Finance

PNB Housing has recently raised Rs. 3,500 crore via non-convertible debentures (NCDs). The NCD will be raised on a private placement basis, PNB Housing Finance said in. Friday they have announced that the board has already approved the proposal.

In a regulatory filing, PNB Housing Finance said that the Board of Directors are scheduled to meet on November 24 to consider and approve the issuance of NCDs up to Rs. 3,500 crore on a private placement basis, in tranches over the next six months. They shared that the housing financer were trading at Rs. 779.9, higher/lower by 0.49 percent on the NSE. 

In a media Interview the MD and CEO of PNB Housing Finance, Girish Kousgi said that the company needs to reach the Rs. 1,000 crore mark by the end of the third quarter. By this year September, the company recorded a book close of Rs. 750 crore, but this quarter, it is expected to touch Rs. 1,000 crore and by March 2024, the business is likely to clock in at Rs. 2,000 crore.

He also added that, the ratio between prime retail lending and affordable housing will be maintained at 60:40. The corporate book will remain under 10 percent. The number of FII investors increased from 128 to 133 in September quarter, his year, subsequently increasing holdings to 24.81 percent. DIIs held 7.7 percent, while the public owned 39.3 percent in the firm.

According to the report of PNB Housing Finance, the NCD will be raised on a private placement basis, and the fund will be raised in tranches over the next six months. Over the past six months, shares of PNB Housing Finance surged 66.52 percent. In comparison, the benchmark index Nifty 50 rose 8.71 percent. The stock has very low volatility, as indicated by its one-year beta of 0.42. The RSI is mid-range, which means the counter is neither overbought nor oversold.