Mumbai: The housing finance subsidiary of state-owned Punjab National Bank (PNB), PNB Housing Finance Ltd, on Tuesday filed its draft proposal with the market regulator for a Rs.2,500 crore initial public offering (IPO). For fiscal 2015-16, PNB Housing reported Rs.2,699.54 crore in revenue, a jump of 51% over the Rs.1,780.38 crore reported the previous year. PNB Housing Finance promoted by Punjab National Bank, would be using the proceeds from the IPO mainly towards augmenting its capital basePost-IPO, PNB Housing Finance would ‘continue to hold approximately 35-37% of the issued and paid-up share capital’, according to the draft red herring prospectus. In fiscal 2016, the firm reported a net profit of Rs.327.56 crore compared with Rs.194.07 crore in the previous year. The housing finance company plans to utilise the proceeds to augment the company’s capital base and for general corporate purposes, says the DRHP.

Source: Mint July 05, 2016 13:54 UTC