PNB Housing finance launches its Initial Public Offering (IPO) after having got the final approval of SEBI. The IPO of Rs. 2500 cr is expected to hit the market in November.
It was in July month, that the PNB housing finance had filed IPO papers with SEBI and the got the nod last week, as per source.
As per PNB sources, the PNBHF has a vigorous network of branches with 2 decades of specialized experience in housing finance, providing loans to individuals and corporate bodies for different projects such as loan for commercial space, loan against purchase of property, plots etc. They plan to list the company to boost their visibility and brand name among existing and potential customers.
PNBHF would be using the proceeds from the share sale mainly towards enhancing its capital base, and they plan to raise up to Rs. 2500 crore through the initial share sale and a portion would be set aside for the employees.
PNB Housing Finance stake will come down to around 35 to 37% post the share dilution in the Initial public Offering.