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PNB Housing Finance’s IPO to hit markets in November

The leading housing finance firm had filed IPO papers with SEBI in July and got final approval last week. The board will meet soon to finalise the dates. The IPO is likely to hit markets in November, a source told PTI. NB Housing Finance would be using the proceeds from the share sale mainly towards augmenting its capital base. The company plans to raise up to `2,500 crore through the initial share sale and a portion would be reserved for the employees.

Promoted by Punjab National Bank BSE 1.37 % which holds 51 per cent stake, PNB Housing Finance commenced operations in 1988. Its stake will come down to around 35-37 per cent post the share dilution in the IPO.

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