ALSO READPunjab National Bank reports $802 million Q4 loss as bad loans surge PNB stock down 3% as Q1 net profit slumps Punjab National Bank gains post allotment of shares to government Punjab National Bank standalone net profit declines 57.49% in the June 2016 quarter Punjab National Bank reports standalone net loss of Rs 5367.14 crore in the March 2016 quarter
Mortgage lender PNB Housing Finance has fixed a price band of Rs 750-775 for its initial public offer to raise Rs 3,000 crore.
The amount raised will be used to fund its expansion across the country.
"We are present only at 28 locations with 48 branches and there is enough headroom for us to grow. We are going to grow and invest rapidly and sensibly in our distribution network," PNB Housing Finance Managing Director Sanjaya Gupta told reporters here today.
The company is planning to open 18 branches this fiscal.
"Out of 18 branches, six would be in cities where we are already present and the balance 12 will be opened in tier II and III cities," Gupta said.
He said post the IPO, the two promoters of the company -- Punjab National Bank and Carlyle Group, L.P -- will together pare around 23.5 per cent stake.
PNB's stake, which is currently at 51 per cent, will be reduced to 39 per cent while Carlye Group's holding will come down to 37 per cent from 49.6 per cent.
The issue will open on October 25 and close on October 27.
The shares will be listed on National Stock Exchange and BSE.
The global coordinators and book running lead managers to the issue are Kotak Mahindra Capital, DSP Merrill Lynch, JM Financial Institutional Securities, J P Morgan India Private and Morgan Stanley India.
For the year ended March 2016, PNB Housing Finance reported a profit after tax of Rs 327.57 crore while revenue from operations stood at Rs 2,699.54 crore.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)