PNB Housing Finance will seek the board’s approval for raising over Rs 12,000 crore through the 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. Shares of the firm closed 10.55 per cent lower at Rs 1482.20 on the BSE.