PNB Housing Finance shareholders okays foreign investment limit to 74%

The shareholders of PNB Housing Finance have approved proposal to raise the investment limit of foreign investors to 74 per cent from exiting 24 per cent.

The AGM also approved proposal to borrow money not exceeding Rs 90,000 crore at any point of time, PNB Housing Finance - an arm of state-owned Punjab National Bank said in a regulatory filing to stock exchanges.

Besides, shareholders also approved issuance of non-convertible debentures of face value aggregating up to Rs 450 billion.

However, it did not specify the time frame by which the company will raise the non-convertible debenture (NCD).

The filing further said it proposes "increase in limits for investment in the equity share capital of the Company by Foreign Portfolio Investors (FPI) from 24 per cent to 74 per cent".

Punjab National Bank (PNB) and Carlyle Group planning to initiate the process to sell at least 51 per cent stake in the mortgage lender PNB Housing Finance, the state-owned bank had earlier said.