As per the latest reports, PNB (Punjab National Bank) witnessed a surge of 20% in its shares on 31st May 2021 after its board received capital funding worth ₹4,000 crores from the Carlyle Group along with a handful of other modest investors through a preferential share issue. The aforesaid fundraising by marquee investors proved a significant contribution for the shares of PNB Housing Finance Ltd than an uncontrolled assembly in equity markets.
This fund infusion will help Carlyle to raise its stake in the organization to 30% from the current 26%. Walking about other investors signifies the name of Aditya Puri, former chief executive of HDFC Bank Ltd.
Puri is probably going to be assigned to the board, PNB Housing Finance said in a release. PNB will stay the advertiser, yet with a decreased shareholding.
Due to a disrupted real estate sector, the balance sheet of the PNB Housing Finance has been under tremendous pressure. The uneven exposure to underlined developers had a bad influence over its valuations and its balance sheet stability in the last few years, following the global pandemic. According to the adjoining report, the lenders have also witnessed a shrink in assets under management (AUM) and a boost in bad loans. Read more: https://tostories.com/carlyles-fund-infusion-encourages-pnb-housing-shares-growth/
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