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PNB HF files draft proposal for Rs 2,500-crore IPO


PNB Housing Finance Ltd on Tuesday filed its draft proposal with market regulator SEBI for a Rs.2,500-crore initial public offering.
The company has hired Kotak Mahindra Capital, DSP Merrill Lynch, JM Financial Institutional Securities, JP Morgan India and Morgan Stanley India to manage the share sale for the IPO.
Punjab National Bank holds 51 per cent stake in its housing finance arm, which was founded in 1988 as a non-banking financial company. Private sector financial services firm Destimoney Enterprises Pvt. Ltd held the remaining 49 per cent, which it acquired in 2009. In February this year, private equity firm Carlyle Group acquired Destimoney’s stake.
Post-IPO, PNB would “continue to hold approximately 35-37 per cent of the issued and paid-up share capital”, according to the draft red herring prospectus.
The housing finance company plans to utilise the proceeds to augment its capital base and for general corporate purposes, the prospectus said.
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