PNB not to take part in housing finance arm’s planned fund raise

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Mumbai, Feb 22  Punjab National Bank will not take part in the capital raising plans of PNB Housing Finance.

Last August, the Board of PNB Housing Finance approved raising Rs 1,800 crore of equity capital through preferential issue or rights issue.

Referring to the decision, PNB Housing, in a regulatory filing, said that it will continue to pursue with the proposed capital raising plan.

“Punjab National Bank has communicated that it shall not be participating in the capital raise plans of the company. However, the company will continue to pursue with the proposed capital raising plan through permitted modes,” the filing said.