India: PNB Housing Finance mandates five investment banks for proposed $385m IPO

India: PNB Housing Finance mandates five investment banks for proposed $385m IPO

Photo by fantasista Image ID: 100347194

PNB Housing Finance Ltd, the housing finance subsidiary of state-owned Punjab National Bank (PNB), has hired five investment banks for an initial public offering (IPO) that could see the company raise approximately Rs.2,500 crore ($385 million) from the primary market, according to three people aware of the development.

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