PNB Housing to seek board nod for raising over Rs 12,000 crore

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NEW DELHI (INDIA): PNB Housing Finance will seek board approval for raising over Rs 12,000 crore through issuance of non-convertible debentures and masala bonds, according to a regulatory filing.

The company plans to raise up to Rs 6,000 crore by way of issuance of secured and unsecured non-convertible debentures.

Besides, it has plans to issue masala bonds up to USD 1,000 million in one or multiple tranches, the filing said.

Generally, masala bonds are rupee-denominated bonds issued overseas.

Both proposals would be considered by the company’s board of directors during its meeting scheduled to be held on October 25.

Source: Press Trust of India