PNB Housing Finance shares rose nearly 4% to Rs 437 on the BSE in Thursday’s intra-day trade after the company’s board approved fund-raising.

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“The board of directors of PNB Housing Finance, at its meeting held on March 9, 2022, approved the proposal of fund-raising up to an amount not exceeding Rs 2,500 crore,” the company said in a press release.

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The fund-raising is subject to regulatory clearances and will be done by issuing equity shares in a rights issue to the company’s shareholders. In October 2021, the company cancelled a proposal to raise Rs 4,000 crore.

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PNB Housing Finance reported a 19 % fall in net profit at Rs 188 crore in the third quarter, mainly on a fall in core income as disbursements slipped.

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The firm reported a net profit of Rs 232 crore in the same period a year ago. Total income fell 26.8% at Rs 1,495.61 crore from Rs 1,896.35 crore in the corresponding quarter of 2020-21. Net interest income (NII) stood at Rs 439 crore compared to Rs 590 crore, registering a decline of 26%.

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The share touched a 52-week high of Rs 924 on June 8, 2021, and a 52-week low of Rs 350 on April 19, 2021. It is trading 54.13% below its 52-week high and 21.09% above its 52-week low.