MoneyWorks4Me

PNB’s arm gets nod to raise Rs 2,500 crore through IPO

14 Oct 2016 Evaluate

PNB Housing Finance, a subsidiary of Punjab National Bank (PNB), has received the approval from capital markets regulator Securities & Exchange Board of India (Sebi) to raise Rs 2500 crore through an initial public offering. The company had filed IPO papers with Sebi in July. The markets regulator issued its final 'observations' on October 6 on the draft offer documents, which is necessary for any company to launch the public offer. According to the Draft Red Herring Prospectus (DRHP), the proceeds of the issue will be used to augment capital base to meet future capital requirements and for general corporate purpose.

PNB has reported a fall of 57.49% in its net profit at Rs 306.36 crore for the quarter ended June 30, 2016 as compared to Rs 720.71 crore for the same quarter in the previous year. However, total income of the bank increased by 3.71% to Rs 13930.00 crore for the quarter under review, from Rs 13432.05 crore for the corresponding quarter of the previous year.

Peers
Company Name CMP
State Bank Of India 952.80
PNB 114.30
Bank Of Baroda 234.55
Canara Bank 119.00
Union Bank Of India 173.00
View more..