on Tuesday said its board has approved raising up to Rs 2,000 crore by issuing bonds on a private placement basis. The housing finance company, promoted by the city-headquartered (PNB), was looking to raise equity capital worth Rs 4,000 crore and struck a deal with joint-venture partner Carlyle Group, among other investors, in May last year.
However, it had to nix the deal in October after facing some regulatory hurdles and legal battles. Quality Investment Holdings (QIH), a unit of Carlyle Group, holds over 32 per cent stake in PNB Housing Finance.
Thereafter, the company said it will raise money through debt instruments.
The board of directors held a meeting on June 14, 2022 and approved issuance of non-convertible debentures aggregating up to Rs 2,000 crore on private placement basis, PNB Housing Finance said in a regulatory filing.
The board also approved ESOP III Scheme and Restricted Stock Unit (RSU) Scheme 2022 to raise funds, subject to approval of its shareholders.
Under the ESOP scheme, “The maximum number of Options that may be issued pursuant to the scheme shall not exceed 20,00,000 Options in number which will be convertible into equal number of equity shares,” it said.
The board also approved an amendment to the existing Employee Stock Ownership Plan (ESOP) 2016 to authorise Nomination and Remuneration Committee in relation to the vesting terms at the time of grant of options, subject to the approval of shareholders.
While under RSU, the maximum number of stock units that may be issued shall not exceed 8,50,000 which will be convertible into equal number of equity shares, PNB Housing said.
Stock of PNB Housing Finance closed at Rs 343.70 apiece on BSE, down by 2.69 per cent. PTI KPM ABM ABM
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
