PNB Housing Finance on Friday announced that its Board of Directors will meet on March 28, 2023, for consideration of matters related to a rights issue of Rs 2,500 crore approved by the company earlier this month.

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In a meeting held on March 9, 2023, PNB Housing Finance’s board had given a go-ahead to the issue of equity shares through a rights issue to existing shareholders for not more than Rs 2,500 crore.

The company informed the bourses that a board meeting will be held next week to consider and discuss all the important details related to the rights issue.

The said meeting will include details like determining the price of the rights issue, along with related payment mechanisms, the rights entitlement ratio, and the record date as well as timing of the said issue.

The company has informed the bourses that its trading window has been closed for dealing in securities for Designated Persons from Friday, March 24, 2023, to March 30, 2023.

The housing finance arm of the public sector lender Punjab National bank on March 14 received the approval of market regulator Securities and Exchange Board of India's (SEBI) to raise up to Rs 2,500 crore through rights issue of shares. The draft paper for the proposed rights issue was filed with SEBI in December 2022.

In an interview with CNBC-TV18 in January, the MD and CEO of PNB Housing Finance, Girish Kousgi said that the company is looking to increase its disbursals in the affordable housing sector by 25 percent, with an aim to close its loan book growth at 10 percent year-on-year in fiscal 2023.

Shares of PNB Housing Finance ended at Rs 497.70, down 2.54%.

(Edited by : Rukmani Krishna)