PNB Housing Finance's board on Tuesday gave the go-ahead to raise up to Rs 1,700 crore in equity capital through Qualified Institutional Placement (QIP) to support business growth till March 2023, the company informed BSE after board. Its shares closed at Rs 341.7 apiece, 1 per cent up over the previous close on the BSE. The board advised the company that subsequent to closure of QIP, the company offer quality investment holding and associates preferential allotment of equity shares or permissible securities on basis. The housing finance company, however, did not specify timing for the QIP offering. According to CRISIL, the company had initially pegged the size of capital raise at Rs 2,000 crore to reduce leverage. But it scaled down the size of equity capital offering to Rs 1,500-1,600 crore to ensure that PNB continues its hold over 26 per cent stake as promoter.