PNB Housing Finance - Bountiful Of Goodies But Dilution Caps Upside: Nirmal Bang
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Nirmal Bang Report
PNB Housing Finance Ltd. announced that its board has approved a capital raise of Rs 40 billion from a group of large private equity investors, led by entities affiliated to The Carlyle Group.
This development is a significantly positive one given that the company has been scouting for capital for the last 24 months but for one reason or another wasn’t successful.
Recently, the Reserve Bank of India restricted Punjab National Bank (promoter) from infusing capital into PNB Housing Finance.
Due to non-participation, PNB Housing Finance’s stake will be naturally diluted from 32.6% currently to 20.3%.
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