PNB Housing Finance Limited (PNB Housing) is a registered housing finance company with National Housing Bank (NHB) incorporated under the Companies Act 1956 and commenced its operations on November 11 1988. It is promoted by Punjab National Bank (PNB) which holds 32.8% of share capital in the company. The company offers its retail customers housing and non-housing loans. The company is also into construction finance loans to real estate developers for residential housing. PNB Housing Finance is a deposit taking Housing Finance Company. The company has a robust network of branches spread across the country which help its customers avail financial services (loans and deposits) seamlessly. As on 30 June 2018 the company had 85 branches with presence in 48 unique cities and 21 Hubs. In 2003 PNB Housing Finance was notified under the SARFAESI Act. In 2006 the company crossed the Rs 1000 crore loan portfolio. In 2009 PNB Housing Finance's promoter PNB sold 26% of its stake in the total issued subscribed and paid-up share capital of the company to Destimoney Enterprises Private Limited (DEPL).In 2010 PNB Housing Finance launched the business process re-engineering project Kshitij. In 2012 DEPL increased its shareholding in the company to 49% pursuant to the conversion of Compulsory Convertible Debentures (CCDs) issued in 2009. During the year PNB Housing Finance brought down Gross and net NPAs lower than 0.5% of its asset portfolio. In 2013 PNB Housing Finance crossed Rs 1000 crore in retail deposits. In 2014 the company's profit after tax crossed Rs 100 crore and assets under management crossed Rs 10000 crore. In 2015 the company implemented end-to-end Enterprise System Solution. During the year DEPL was acquired by Quality Investment Holdings (QIH) of the Carlyle Group. In October 2016 PNB Housing Finance raised Rs 3000 crore from an initial public offer. Its equity shares were listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) with effect from 7 November 2016. In 2016 PNB Housing Finance's assets under management crossed Rs 25000 crore.In 2017 PNB Housing Finance's assets under management crossed Rs 50000 crore and deposits crossed Rs 10000 crore. During the year PNB Housing Finance incorporated a subsidiary PHFL Home Loans & Services Ltd.The Board of Directors of PNB Housing Finance at its meeting held on 3 May 2018 approved to raise funds by way of External Commercial Borrowings for not exceeding USD 1 billion in one or more trenches to augment its medium-term resources subject to all regulatory approvals. On 10 July 2018 PNB Housing Finance informed the stock exchanges that it has received a joint communication from its promoter Punjab National Bank (PNB) and its second largest shareholder viz. Quality Investment Holdings (The Carlyle Group) regarding the initiation of the process for the sale of minimum 51% stake in PNB Housing Finance Limited to the potential acquirers.