PNB gets SEBI nod for PNB Housing's IPO
DSIJ Intelligence / 14 Oct 2016
Capital markets controller, Securities Exchanges Board of India (SEBI) has given PNB Housing Finance clearance to raise Rs 2500 crore through an Initial Public Offering (IPO).
Capital markets controller, Securities Exchanges Board of India (SEBI) has given PNB Housing Finance clearance to raise Rs 2500 crore through an Initial Public Offering (IPO). During month of July 2016, PNB had documented papers with SEBI. The market regulator issued last observations on October 6.
PNB Housing Finance will utilise the IPO raised funds for expanding its capital base . The company plans to grow business and loan portfolio by consolidating position in key geographies as well as by expanding into specific target markets such as the affordable housing segment.
On financial front, PNB Housing Finance has posted PAT of Rs 327.57 crore, while revenue stands at Rs 2699.54 crore in FY16. At the end of March 2016, PNB had 51 per cent stake in the company. Post IPO, it would continue to hold approximately 35 to 37 per cent of the issued and paid-up share capital.
Kotak Investment Banking, BofA Merrill Lynch, JM Financial, J P Morgan and Morgan Stanley are the global coordinators and book running lead managers for the proposed issue.
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