PNB Housing Finance approves fundraising of Rs 1,800 crore

PNB Housing Finance informed the bourses that its board of directors at its meeting held on August 19, 2020, have approved the fundraising plan through equity capital aggregating up to Rs 1,800 crore through preferential issue or rights issue.

This is subjected to the approvals of the shareholders at a general body meeting or through postal ballot and further subjected to other such statutory/regulatory approvals, as applicable.

In the recently concluded quarter, its net interest income (NII) was at Rs 487.8 crore as against Rs 625.5 crore in Q1FY20, representing a decline of 22 per cent. Profit after tax (PAT) was at Rs 257.2 crore from Rs 284.5 crore in Q1FY20, registering a decline of 10 per cent. As of June 30, 2020, nearly 39 per cent of the company’s AUM has opted for a moratorium.

Capital to risk asset ratio (CRAR) as on Q1FY21 stood at 18.05 per cent while risk-weighted assets (RWA) was at Rs 50,661.22 crore. Net NPA was at 1.67 per cent of the loan assets as on Q1FY21 as against 0.67 per cent in Q1FY20.

The stock of PNB Housing Finance responded positively to this development and surged nearly 3 per cent to touch an intraday high of Rs 284.35 apiece.