PNB Housing Finance to mop up $1 billion from foreign markets

NEW DELHI: PNB Housing Finance Thursday said it will raise up to $1 billion (around Rs 6,954 crore) from foreign markets, and additional Rs 10,000 crore by issuing bonds.

The board meeting scheduled for May 9 will consider approval of "fund raising by way of external commercial borrowings up to $1 billion in one or more tranches", PNB Housing Finance said in a regulatory filing.

The board will also consider the issuance of secured and unsecured non-convertible debentures aggregating up to Rs 10,000 crore in tranches, it said.

The housing finance arm of the Punjab National Bank will announce the fourth quarter results on May 9.

Shares of PNB Housing Finance were trading 4.26 per cent down at Rs 681.40 around 2:50 pm on BSE.