PNB Housing Finance rights issue opens today. Share dips over 5%

PNB Housing Finance rights issue has opened today and it will remain open till 27th April 2023. The housing finance company board has announced rights issue at 275 apiece. Comparing PNB Housing Finance right issue price with PNB Housing Finance share price today of around 415 per share, the issue is available at a premium of near 34 per cent. However, PNB Housing Finance share price has been nosediving since PNB Housing Finance rights issue announcement. The stock has nosedived from around 500 apiece levels to 415 levels in near one fortnight. Even today, PNB Housing Finance share price opened downside and went on to dip over 5 per cent within few minutes of stock market’s opening bell today.

Why PNB Housing Finance share price is falling?

On why PNB Housing Finance share price has been falling after announcement of rights issue, Ravi Singhal, CEO at GCL Broking said, “The issue has been offered at deep discount and the stock is looking weak on chart pattern. Hence, profit-booking triggered after rights issue announcement that also signals low appetite among stock market investors in regard to PNB Housing Finance rights issue. The financial stock has branches its support of 425 and now its immediate support is placed at 370 apiece levels.”

As PNB Housing Finance stock is under sell off heat on issue opening date, here we list out important PNB Housing Finance rights issue details:

1] PNB Housing Finance rights issue date: The rights issue has opened on 13th April 2023 and it will remain open till 27th April 2023.

2] PNB Housing Finance rights issue price: The issue has been declared at fixed price of 275 apiece.

3] PNB Housing Finance rights issue ratio: 29 rights equity share(s) for every 54 fully paid-up equity shares held on record date i.e. 5th April 2023.

4] PNB Housing Finance rights issue size: The company aims to issue 90,681,828 PNB Housing Finance shares in this issue worth 2,493.76 crore.

5] PNB Housing Finance rights issue listing: The issue is proposed for listing on both NSE and BSE and date of listing is expected on 17th May 2023.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.


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