PNB Housing Finance's Rs 3,000-cr IPO to hit capital market on Oct 25
PNB's stake, which is currently at 51 percent, will be reduced to 39 percent while Carlye Group's holding will come down to 37 percent from 49.6 percent
Mumbai: Mortgage lender PNB Housing Finance has fixed a price band of Rs 750-775 for its initial public offer to raise Rs 3,000 crore.
The amount raised will be used to fund its expansion across the country.
"We are present only at 28 locations with 48 branches and there is enough headroom for us to grow. We are going to grow and invest rapidly and sensibly in our distribution network," said PNB Housing Finance Managing Director Sanjaya Gupta.
The company is planning to open 18 branches this fiscal.
"Out of 18 branches, six would be in cities where we are already present and the balance 12 will be opened in tier II and III cities," Gupta said.
He said post the IPO, the two promoters of the company -- Punjab National Bank and Carlyle Group, L.P -- will together pare around 23.5 percent stake.
PNB's stake, which is currently at 51 percent, will be reduced to 39 percent while Carlye Group's holding will come down to 37 percent from 49.6 percent.
The issue will open on 25 October and close on 27 October.
The shares will be listed on National Stock Exchange and BSE.
The global coordinators and book running lead managers to the issue are Kotak Mahindra Capital, DSP Merrill Lynch, JM Financial Institutional Securities, J P Morgan India Private and Morgan Stanley India.
For the year ended March 2016, PNB Housing Finance reported a profit after tax of Rs 327.57 crore while revenue from operations stood at Rs 2,699.54 crore.
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