Shares of Punjab National Bank rose on Friday after its subsidiary PNB Housing Finance received Sebi's approval to raise Rs 2,500 crore through an initial public offering.
PNB Housing Finance had filed IPO papers with Sebi in July. As per Draft Red Herring Prospectus (DRHP), the company plans to raise up to Rs 2,500 crore through the initial share sale and a portion would be reserved for the employees, reports PTI.
Kotak Investment Banking, BofA Merrill Lynch, JM Financial, J P Morgan and Morgan Stanley are the global coordinators and book running lead managers for the proposed issue.
PNB Housing Finance reported a profit after tax of Rs 327.57 crore while revenue from operations stood at Rs 2,699.54 crore in the same period.
Shares of PNB were seen trading at Rs 140, higher by 1.49 per cent on NSE at 12.33 pm IST. It touched an intra-day high of Rs 141 during trade.