State-run Punjab National Bank shares jumped 4 per cent on Thursday,
after its subsidiary PNB Housing Finance filed a prospectus for a Rs
2,500 crore initial public offer (IPO).Punjab National Bank owns 51 per cent stake in PNB Housing Finance. Post IPO, PNB's stake is likely to come down to 35-37 per cent.
For the year ended March 2016, PNB Housing Finance reported a profit after tax of Rs 327.57 crore while revenue from operations stood at Rs 2,699.54 crore.
Punjab National Bank, India's fourth largest state-run lender, has been struggling under rising bad loans. In the March quarter, it posted a Rs 5,367 crore loss, the biggest-ever quarterly loss for any lender in the Indian banking industry.
PNB said its balance sheet clean-up is not complete yet, which means that the lender may continue to struggle with high bad loans for a few more quarters.
As of 09.21 a.m., PNB shares traded 4 per cent higher at Rs 118.40 in a flat market.
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