Previous year in May, PNB Housing Finance Company promoted by Punjab National Bank was planning to raise Rs. 4,000 crore and finalize the deal with joint venture partner Carlyle Group among other investors.
NEW DELHI: On Tuesday PNB Housing Finance announced that its board has given approval for raising up to Rs 2,000 crore by issuing bonds.
The company had to cancel the deal in October because of some regulatory hurdles and legal battles. QIH (Quality Investment Holdings), a unit of Carlyle Group, holds the stake over 32 per in PNB Housing Finance.
The company made an announcement saying that it will raise money through debt instruments.
The BOD held a meeting on the 14th of June and approved the issuance of non-convertible debentures aggregating up to Rs 2,000 crore on a private placement basis, PNB Housing Finance announced in a regulatory filing.
The board members also gave the approval to ESOP III Scheme and Restricted Stock Unit (RSU) Scheme 2022 to raise funds.
It is mentioned under the ESOP scheme, “The maximum number of Options that may be issued according to the scheme shall not exceed 20,00,000 Options in number which will be convertible into an equal number of equity shares,”
The board also gave its approval to an amendment to the existing ESOP (Employee Stock Ownership Plan) 2016 to authorize the Nomination and Remuneration Committee about the vesting terms at the time of grant of options, subject to the approval of shareholders.
PNB Housing informed that under RSU, the maximum number of stock units that will be issued should not exceed the limit of 8,50,000 which will be convertible into an equal number of equity shares.