PNB Housing Finance gains after board approves fundraising

Stocks

The share touched a 52-week high of Rs 924 on June 8, 2021 and a 52-week low of Rs 350 on April 19, 2021

PNB Housing Finance

PNB Housing Finance

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PNB Housing Finance share price gained 4 percent in the morning trade on March 10, a day after the company’s board approved fundraising.

“The board of directors of PNB Housing Finance at its meeting held on March 09, 2022, approved the proposal of fund-raising up to an amount not exceeding Rs 2,500 crore,” the company said in a press release.

The fundraise is subject to receipt of regulatory approvals by way of issue of equity shares on right issue basis to the eligible equally shareholders of the company as on the record date (to be notified subsequently)

For the purposes of giving effect to the rights issue, the detained terms in relation to the rights issue, including but not limiting to the issue price, rights entitlement ratio, record date, timing and terms of payment will be determined in due course, it said.

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At 10.06 am, PNB Housing Finance was quoting at Rs 423.80, up Rs 3.45, or 0.82 percent, on the BSE.

The share touched a 52-week high of Rs 924 on June 8, 2021 and a 52-week low of Rs 350 on April 19, 2021. It is trading 54.13 percent below its 52-week high and 21.09 percent above its 52-week low.