Allots 1.15 crore shares to anchor investors
PNB Housing Finance has raised Rs 891.25 crore by selling 1.15 crore shares to a slew of anchor investors ahead of the opening of the company's initial public offer (IPO). The shares were allotted to the anchor investors at Rs 775 per share, the top end of the Rs 750 to Rs 775 per share price band for the IPO.
Among the anchor investors, General Atlantic Singapore Fund FII Pte will be allotted 6.02 lakh shares, SBI Life Insurance Company will be allocated 3 lakh shares, HDFC fund under its two schemes will be allotted a total of 5.16 lakh shares, Axis Mutual Fund A/C Axis Small Cap Fund will be allocated 1.03 lakh shares, Franklin Templeton Mutual Fund A/C Franklin India Prima Fund will be allotted 3.87 lakh shares and The Nomura Trust & Banking Co., As The Trustee of Nomura India Stock Mother Fund will be allocated 4.23 lakh shares among others.
PNB Housing Finance seeks to raise Rs 3000 crore through an IPO. The issue opens for bidding today, 25 October 2016 and closes on Thursday, 27 October 2016. The price band for the IPO has been fixed at Rs 750 to Rs 775 per share.
The issue comprises fresh offer of Rs 3000 crore. Post-IPO, the promoter Punjab National Bank (PNB)'s stake will reduce to 39.1% from existing 51%. The issue includes a reservation of 2.5 lakh equity shares for subscription by eligible employees (not exceeding 5% of post-issue paid up equity share capital) at a discount of Rs 75 per share to the issue price.
The company intends to utilize the net proceeds towards augmenting capital base to meet future capital requirements and general corporate purpose. The company has to strengthen its capital base to support business and assets growth, primarily in housing and non-housing segment, and to ensure compliance with the NHB Directions. The proceeds are expected to be sufficient to satisfy company's Tier-I capital requirements for the FY 2017 and FY 2018.
PNB Housing Finance is the fifth largest housing finance company (HFC) in India by the size of loan portfolio. The company offers housing loans as well as non-housing loans such as loans against property (LAP), non-residential premises loans (NRPL), lease rental discounting (LRD), and corporate term loans (CTL).
PNB Housing Finance reported a profit after tax (PAT) of Rs 327.57 crore on income from operations of Rs 2699.54 crore in the financial year ended March 2016.
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