Signals, Powered By EquityPandit
Punjab National Bank is proposing to raise approx Rs.1,324.21 crore by selling 6% stake, in its subsidiary firm PNB Housing Finance.
This will be done via an offer for sale (OFS) that starts today. The floor price of the OFS is Rs 1,325 per share.
In a regulatory filing PNB stated, “PNB proposes to sell up to 99,94,000 equity shares on November 28 (for non-retail investors only) and on November 29 (for retail investors and non-retail investors who choose to carry forward their bids)…representing 6% of the total paid up equity share capital of the company (PNB Housing Finance).
Further, PNB Managing Director and Chief Executive Officer Sunil Mehta said that, earlier this month the bank had proposed to sell up to 9% holding in the subsidiary and the OFS is part of bank’s strategy to sell non-core assets.
