PNB Housing Fin to raise Rs 400 cr from rights issue

“The company would raise Rs 400 crore from by March 31 from rights issue,” K R Kamath PNB CMD and Chairman of PNB Housing Finance said.

PNB holds 51 per cent stake in the company while remaining 49 per cent stake is with private equity firm Destimoney. 

PNB would subscribe shares for Rs 204 crore, the remaining would come from the private equity firm.
The company has built capabilities to double or triple its business in the next few years, Kamath said.
PNB Housing Finance, which has 25 years of its operation also proposes to raise Rs 300 crore in the next financial year through rights issue.

The housing finance company, whose loan book has crossed Rs 10,000 crore, expects profit of over Rs 120 crore in 2013-14.