PNB Housing Finance plans to raise Rs 10,000 cr via bonds

PNB Housing Finance today said it plans to raise up to Rs 10,000 crore by issuing bonds through public issue.

The board of directors of the company in a meeting held today approved the proposal of raising of funds by way of public issue of secured and /or unsecured non-convertible debentures for an amount up to Rs 10,000 crore, PNB Housing Finance said in a regulatory filing.

The company said the money will be raised in one or more tranches.

It is promoted by state-owned Punjab National Bank, which holds 32.96 per cent in the housing finance subsidiary.

The rest of 67.04 per cent is owned by institutional investors, including mutual funds, venture capital funds, foreign portfolio investors; financial institutions and banks; individuals and foreign companies.

The company had registered a rise of 58 per cent in its net profit at Rs 829.41 crore in fiscal ended March 2018.

Total income during the year stood at Rs 5,516.96 crore.

PNB Housing had disbursed Rs 33,195 crore loans during 2017-18, an increase of 61 per cent over the preceding fiscal year. Its asset under management stood at Rs 62,252 crore as on March 31, 2018.