Stock Market

PNB Housing jumps 7% on fund raising plan

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NEW DELHI: Shares of PNB Housing Finance jumped nearly 7 per cent in Friday’s trade amid reports that the company is looking to raise another $250-300 million through external commercial borrowing by November amid market turmoil and fear of a further squeeze in the liquidity system.

The stock rose 6.7 per cent to hit a high of Rs 925 on BSE. This will be the second external borrowing by the Delhi-based home loan lender in as many months, although the company maintained that it has not faced any tightness in cash flow, ET reported. It had mobilised $200 million from overseas investors only last week.

The company is also looking to securitise home loan pools worth Rs 1,000-1,500 crore which would help it free capital and lend more.

“We have received commitments for $300 million external loans from overseas branches of local banks.

We will utilise it partly or fully according to our requirement,” PNB Housing’s chief financial officer Kapish Jain said.




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