PNB Housing Finance opens for subscription on October 25
DSIJ Intelligence / 25 Oct 2016
India’s fifth largest housing company, PNB Housing Finance has come up with its initial public offering to raise around Rs 3000 crores. The offer for subscription will open on October 25 and will close on October 27. The company has fixed a price band of Rs 750-775 for its IPO.
India’s fifth largest housing company, PNB Housing Finance has come up with its initial public offering to raise around Rs 3000 crores. The offer for subscription will open on October 25 and will close on October 27. The company has fixed a price band of Rs 750-775 for its IPO.
The issue is special as it is the second largest issue of 2016 after ICICI Prudential Life Insurance’s Rs 6057 crores IPO. The finance company aims to utilise proceeds of the issue to augment capital base for meeting future capital requirements and for general corporate purpose. Post IPO, its parent company PNB will reduce its stake to approximately 38 to 39 per cent of issued share capital. Hence, PNB Housing Finance won't remain either a subsidiary of PNB or a government company.
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