PNB Housing Finance’s rights issue, which invites existing shareholders to purchase additional new shares in the company, opened for subscription on Thursday (April 13, 2023). The offering will end on April 27, 2023. PNB Housing Finance, a Punjab National Bank (PNB) subsidiary, has announced a rights issue priced at Rs 275 per share. The rights issue is worth around Rs 2,500 crore.

“This is following the meeting of the board of directors of the company held on March 9, 2022, at which the issue of the paid-up equity shares of the company of the face value of Rs 10 each was approved by way of the rights issue, not exceeding Rs 2,500 crore (“Rights Issue”),” the filing read.

The issue has been fixed at Rs 275 per share. The company plans to issue 90,681,828 shares of PNB Housing Finance worth Rs 2,493.76 crore in the offering. Qualifying shareholders are entitled to 29 rights issues for every 54 paid-up equity shares held.

The Renunciation of Rights Entitlement trades from April 13, 2023, to April 24, 2023. Rights issue renunciation is the transfer of rights entitlement by a shareholder unwilling to accept the rights offer and wants to renounce the shares in favour of another person.

Rights Entitlement (REs) for Renunciation shall be settled on a rolling T+1 basis.