The board of PNB Housing Finance Ltd. has authorised a rights issue of approximately 9.06 crore shares at a price of 275 per share in order to raise up to 2,500 crore. The board approved the right entitlement ratio of 29:54 at its meeting on March 28. Under this ratio, 29 equity shares would be granted for every 54 equity shares held by an eligible equity shareholder on the record date. The company would issue 9,06,81,828 fully paid-up equity shares at a price of 275 per fully paid-up equity share (including a premium of 265 per equity share) in order to raise up to 2,493.76 crore.
The record date has been set as Wednesday, April 5, 2023 in order to determine which equity shareholders are qualified to receive rights in the rights issue. The edition will run from April 13 through April 27, 2023. 16,88,55,818 fully paid equity shares will be outstanding before to the rights issue, and 25,95,37,646 fully paid equity shares will be outstanding following the rights issue.
“Further, in terms of SEBI Circular SEBI/HO/CFD/DIL2/CIR/P/2020/13 dated January 22, 2020, the Company has made necessary arrangement with NSDL and CDSL for the credits of the rights entitlements in dematerialized form in the demat account of the eligible equity shareholders as on the Record Date. The ISIN of such rights entitlement is INE572E20012. The rights entitlement of the eligible equity shareholders as on the Record Date, shall be credited prior to the issue opening date, in the respective demat account of the eligible equity shareholders under the aforementioned ISIN,” said PNB Housing Finance in a stock exchange filing.
The board of PNB Housing Finance discussed and decided to offer equity shares through a rights issue to existing shareholders for a maximum of ₹2,500 crore at a meeting held on March 9, 2023.
The shares of PNB Housing Finance were last seen trading today at ₹487.10 apiece level while writing this copy.