New Delhi, March 3 (SocialNews.XYZ) The Board of Directors of PNB Housing Finance Ltd, at a meeting held on Tuesday, approved raising equity capital aggregating upto Rs 1,700 crore through a qualified institutions placement.
PNB Housing Finance said: "In addition, the board also considered it advisable, subsequent to the successful closure of the QIP, to offer Quality Investment Holdings and/or its affiliates/nominees a preferential allotment of equity shares and/or permissible securities (including convertible securities/warrants) of the company in compliance with SEBI ICDR Regulations (Preferential Issue) and other applicable laws."
"It is clarified that QIH is not obligated to subscribe in the Preferential Issue at this stage. Should it choose to participate, QD-1 can subscribe to at least such number of Agreed Securities in the Preferential Issue as required to maintain its pre-QIP shareholding in the company," the company said.
Crisil had earlier downgraded its rating on long-term debt instruments, bank facilities and fixed deposit programme of PNB Housing Finance worth Rs 4,000 crore to AA/FAA plus from AA plus/FAAA. The International Finance Corporation (IFC) and South Korea's KB Financial Group may buy minority stakes in PNB Housing, according the banking and market sources.
Carlyle holds 32.22 per cent of PNB Housing Finance through a group company, called Quality Investment Holdings. General Atlantic owns 9.87 per cent.
Source: IANS
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