PNB Housing Finance Ltd’s (PNBHFL) board of directors will meet on September 9 to approve fundraising through Non-Convertible Debentures (NCD) of up to ₹ 2,500 crore.

The proposed NCDs are to be issued on a private placement basis, in tranches over the next six months, the company said in an exchange filing.

“A meeting of the board of directors is scheduled for Monday, September 9, 2024, to consider and approve the issuance of Non-Convertible Debentures up to ₹2,500 crore on a private placement basis, in tranches over the next six months”, said the exchange filing.

Reacting to this announcement, the company’s shares surged 5.4 per cent to hit a 52-week high of ₹ 1,109.9 in Thursday’s trading on the BSE before closing at ₹1,037.80 for the day.

In recent months, PNB Housing has seen several block deals in bourses around its shares with big names like The Carlyle Group, General Atlantic Singapore and Asia Opportunities V (Mauritius) being on the selling side in those deals.

PNBHFL had reported a 25 per cent increase in consolidated net profit for the first quarter ended June 30, 2024, at ₹433 crore (₹347 crore). The retail-focused home loan lender reported a net profit of ₹ 439 crore in the March 2024 quarter.