The PNB Housing Finance Rights Issue has begun and will run through April 27, 2023. The board of the housing finance company has announced a rights offering for 275 per share. When comparing the proper issue price of PNB Housing Finance to the current share price of PNB Housing Finance, which is roughly $415 per share, the issue is offered at a premium of close to 34%. However, PNB Housing Finance share price has been nosediving since PNB Housing Finance rights issuance announcement. The stock has plummeted from heights above 500 per share to values near 415 in less than a month. Even today, PNB Housing Finance share price opened negative and went on to plummet over 5 per cent within few minutes of stock market’s opening bell today.
Why PNB Housing Finance share price is falling?
On why PNB Housing Finance share price has been falling after announcement of rights issue, experts said, “The issue has been offered at deep discount and the stock is looking weak on chart pattern. Hence, profit-booking triggered after rights issue announcement that also signals low appetite among stock market investors in regard to PNB Housing Finance rights issue. The financial stock has branches its support of ₹425 and now its immediate support is placed at ₹370 apiece levels.”
As PNB Housing Finance stock is under sell off heat on issue opening date, here we list out important PNB Housing Finance rights issue details:
- PNB Housing Finance rights issue date: The rights issue has opened on 13th April 2023 and it will remain open till 27th April 2023.
- PNB Housing Finance rights issue price: The issue has been declared at fixed price of ₹275 apiece.
- PNB Housing Finance rights issue ratio: 29 rights equity share(s) for every 54 fully paid-up equity shares held on record date i.e. 5th April 2023.
- PNB Housing Finance rights issue size: The company aims to issue 90,681,828 PNB Housing Finance shares in this issue worth ₹2,493.76 crore.
- PNB Housing Finance rights issue listing: The issue is proposed for listing on both NSE and BSE and date of listing is expected on 17th May 2023.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of sharebaz. We advise investors to check with certified experts before taking any investment decisions.