Image credit : The Economic Times
PNB Housing finance shares gets locked in 20 percent upper circuit successively for the second time on Tuesday at 52 week high of Rs630.20 .On Monday ,the company notified that its board has approved raising Rs 4000 crore from the entities of US based The Carlyle Group. Following, the stock has gained 44 percent in the last two trading session. Salisbury Investment, the family investment vehicle of Aditya Puri, former CEO and Managing director of HDFC Bank and Senior Advisor for Carlyle in Asia are supposed to invest in the fund raising.
In a press release, PNB Housing Finance is quoted to have said, “Pluto Investments S.a.r.l, an affiliated entity of Carlyle Asia Partners IV, L.P (together, “Carlyle”) has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants, at a price of Rs 390 per share. Existing shareholders of the company, funds managed by Ares SSG and General Atlantic, are also participating in the capital raise. PNB will continue to be the promoter and a key stakeholder in the company.”
Aditya Puri is expected to be nominated to the PNB Housing Finance as a Carlyle nominee director eventually. HDFC bank grew into one of the India’s largest private sector bank in his 26 years tenure. He has been recognized globally as one of the world’s leading businesspersons.
PNB Housing Finance, one of the country’s further added, “The Key Objective of raising capital adequacy, reduce gearing and accelerate growth with a focus on retail housing including self employed and affordable housing loans such as the Unnati segment. Assuming full capital infusion (including warrants) and no other change to the capital adequacy ratio of the company as of March 31,2021 would increase from 18.7 per cent to over 28 percent and gearing as of March 31,2021 will decline from 6.7 times to less than 5 times.”