PNB Housing Finance board approves to raise rights issue
PNB Housing Finance – The public sector lender Punjab National Bank (PNB) announced today that it will issue Tier 2 bonds worth up to Rs.12000 crore.
“The Board of Directors of the Bank has approved raising capital for an amount up to Rs.12000 Crore through Basel Ill Compliant AT-1fTier II Bonds (AT-1 Bonds up to Rs.7000 Crore and Tier- II Bonds up to Rs.5000 Crore), to be raised in one or more tranches,” PNB said today in a stock exchange filing.
On March 24, Punjab National Bank raised 974 crore at 8.75 percent.
PNB Housing Finance
A R Ramachandran, Co-founder & Trainer-Tips2trades, stated on the stock’s technical outlook “Even though PNB has been profitable for the past three years, it lacks consistency in terms of a cleaner and more consistent income statement and balance sheet when compared to other quality PSU banks such as SBI. PNB was oversold on the Daily charts, and a close above 47.2 could lead to a target of 52 in the near term. The support level will be 44.5.”
The shares of Punjab National Bank closed today at 46.25 per share on the NSE, up 3.01% from the previous close of 44.90. The stock was traded for a total of 4,92,29,088 shares. The stock has gained 31.95% in the last year, but has fallen 19.07% year to date in 2023. The stock reached a 52-week high of 62.00 on (15-Dec-2022) and a 52-week low of 28.05 on the same day (20-Jun-2022). The company reported a promoter shareholding of 73.15%, a FII stake of 1.71%, a DII stake of 12.98%, and a public stake of 12.16% during Q3FY23.