Punjab National Bank’s arm plans to raise $75 million from IFC: Report

PNB Housing Finance, a subsidiary of Punjab National Bank (PNB), is reportedly planning to raise $75 million from International Finance Corporation (IFC), a member of the World Bank Group. The investment will be done by subscription to a secured fixed/floating rate non-covertible debenture (NCD) issued by the company. These funds will be used to finance construction of green residential buildings that are certified by recognized green building certification standards, including EDGE.

The bank has reported 7.94% rise in its net profit at Rs 621.03 crore for the quarter ended September 30, 2015 as compared to Rs 575.34 crore for the same quarter in the previous year. The bank’s total income has increased by 5.23% to Rs 13701.93 crore for the quarter under review from Rs 13020.46 crore for the corresponding quarter of the previous year.