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<ul><li><keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword>’s share price has skyrocketed over the last 10 trading days. </li><li>Every ₹10,000 invested in the stock on May 25 is now worth ₹22,000 as on June 7, 2021. </li><li>However, the potential upside could be limited from the current share price. </li></ul>Shares of PNB Housing Finance have hit the upper circuit six days in a row, more than doubling investor wealth. Had an investor put in ₹10,000 in the stock on May 25, 2021, it would be worth nearly ₹22,000 today. The incessant rally in PNB Housing Finance’s shares was triggered by the news of former <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> chief executive officer (CEO) <keyword id="6406769" type="LOCATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> and US-based private equity firm The <keyword id="44803" type="COMPANY" weightage="20" keywordseo="Carlyle-group">Carlyle Group</keyword> investing in the non-banking lender. <div type="Article" hostid="261" msid="83105948" title="Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer" mstype="2" mssubtype="0"></div> <div type="image" title="PNB Housing Finance 25_05_21 to 07_06_21." msid="83306222" hostid="261" caption="&amp;lt;p&amp;gt;PNB Housing Finance share price&amp;lt;/p&amp;gt;"></div> Over the last 10 trading sessions, the non-banking lender’s share price has surged by over 118%. The company’s shares have been locked in the upper circuit for the last six consecutive days. But the upside could be limited, according to Kranthi Bathini, director of equity strategy at WealthMills Securities. “There has been a sharp run-up in the share price of PNB Housing Finance over the last few trading sessions. This could mean the potential upside now is limited,” Bathini told Business Insider. “The recent investment news has turned it into a momentum stock. The rally in share prices of such stocks is driven by news, and not necessarily the technicals and fundamentals,” he further added, linking the sharp rally in PNB Housing Finance’s share price to the ₹4,000 crore fundraising news. According to the company’s exchange filing, private equity giant The Carlyle Group will contribute to 80% of the ₹4,000 crore capital raise. The other prominent name in the fundraise is Aditya Puri’s Salisbury Investments. Puri is the former CEO and MD of HDFC Bank, India’s largest private sector bank, which also owns the country’s largest private mortgage lender HDFC. The company noted in its exchange filing that the primary objective of the fundraise is to augment capital adequacy, reduce the ratio of debt to equity and fund its growth objectives in the retail lending segment. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/former-hdfc-bank-ceo-aditya-puri-and-carlyle-will-be-among-the-new-owners-of-pnb-housing-finance-triggering-an-open-offer/articleshow/83105948.cms">Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer</a> <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/business/startups/news/online-broker-zerodhas-valuation-has-doubled-from-1-billion-to-2-billion-within-a-years-time/articleshow/83037425.cms">Zerodha doubles its valuation to $2 billion within a year as millennials plough India’s stock markets</a>

PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now

<ul><li><keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword> has announced a fundraise of ₹4,000 crore.</li><li>The fundraising will be led by The <keyword id="44803" type="COMPANY" weightage="20" keywordseo="Carlyle-group">Carlyle Group</keyword> and former <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> CEO <keyword id="6406769" type="COMPANY" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword>.</li><li>Shares of PNB Housing Finance hit the 20% upper circuit, reacting to the news.</li></ul>The board of non-banking lender PNB Housing Finance has approved a fundraising of ₹4,000 crore. Former HDFC Bank chief executive officer (CEO) Aditya Puri and US-based private equity firm The Carlyle Group have emerged as the leading investors. The government-owned Punjab National Bank (PNB), which owns a little over 32% stake right now, will continue to be a promoter and a key stakeholder of the company. PNB Housing Finance said each of QIH, Pluto and Salisbury Investments will be classified as part of the “promoter group” of the company, following the completion of the transactions under Pluto SSA and Salisbury SSA, respectively. Reacting to the news, shares of PNB Housing Finance went through the roof, hitting an upper circuit of 20% at around 10:10 am. <div type="image" title="PNB Housing Finance 15_04_21 to 31_05_21." msid="83106098" hostid="261" caption="&amp;lt;p&amp;gt;PNB Housing Finance share price&amp;lt;/p&amp;gt;"></div> According to the company’s exchange filing, private equity giant The Carlyle Group, will contribute to 80% of the ₹4,000 crore capital raise. The other prominent name in the fundraise is Aditya Puri’s Salisbury Investments. Puri is the former CEO and MD of HDFC Bank, India’s largest private sector bank, which also owns the country’s largest private mortgage lender HDFC. The company notes in its exchange filing that the primary objective of the fundraise is to augment the capital adequacy, reduce the ratio of debt to equity and fund its growth objectives in the retail lending segment. The equity issue is priced at ₹390 per share, which is a discount of nearly 11% over the previous closing price. This has triggered an open offer for acquisition of over 70 million shares, representing 26% of the company’s existing equity shares. The open offer price is quoted at ₹403.22 per share, which is at a discount of nearly 8% over the previous closing price. <cmsannotation type="cmsannotation" annotationid="Fundraising has been long overdue" comment="subhead" text="Fundraising has been long overdue">Fundraising has been long overdue</cmsannotation> The fundraising announcement is long overdue for the lender. Back in November 2020, the company had announced a fundraise of ₹1,800 crore via a preferential issue of shares. However, its plans were derailed as its parent Punjab National Bank was not permitted by the Reserve Bank of India to pour in the capital into its lending subsidiary. Later, in an analyst call in April 2021, PNB Housing Finance’s CEO and MD, Hardayal Prasad, said that the company is evaluating its options. “As you are aware that we were waiting for the capital raise with participation of PNB and ₹600 crore was earmarked since then. But after, the permission was not given. So, we have initiated the process of evaluating all options and modes for the fundraise,” said Prasad. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/from-bhel-to-heg-and-cg-power-these-infrastructure-stocks-have-turned-10000-to-as-much-as-30600-in-just-six-months/slidelist/83104471.cms">From BHEL to HEG and CG Power ⁠— these infrastructure stocks have turned ₹10,000 to as much as ₹30,600 in just six months</a> <a href="https://www.businessinsider.in/business/startups/news/online-broker-zerodhas-valuation-has-doubled-from-1-billion-to-2-billion-within-a-years-time/articleshow/83037425.cms">Zerodha doubles its valuation to $2 billion within a year as millennials plough India’s stock markets</a>

Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> and Amitabh Chaudhry of Axis Bank are one of the highest paid Indian CEOs in the banking and finance industry. </li><li>HDFC is one of the only two banks ranking in the list of the most valued Indian brands at $4.8 billion, according to Forbes Magazine. </li><li>Following them are Uday Kotak of Kotak Mahindra Bank and ICICI Bank’s former MD and CEO among the top paid employees in the private sector banks.</li></ul>HDFC Bank’s Aditya Puri and Amitabh Chaudhry of Axis Bank are one of the highest paid Indian CEOs in the banking and finance industry. Following them are Uday Kotak of Kotak Mahindra Bank and ICICI Bank’s former MD and CEO among the top paid employees in the private sector banks. The rankings are based on the monthly remuneration of the employees, as per the company’s annual report released this year. <div type="Slideshow" msid="70657329" hostid="261" title="India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list" firstImageMsid="70657331" slideCount="7"></div>

India's highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

Expectations from Modi's package - Here's what Raghuram Rajan, Amitabh Kant, and others expect

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s managing director <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> called for an unscheduled interest rate cut.</li><li>In an interview with CNBC TV 18, Puri also recommended that the government should relax the terms of loan repayment.</li><li>He assured stockholders that HDFC Bank is in a strong position with $5 billion in cash and the banking sector will safely weather the Coronavirus pandemic.</li></ul>HDFC Bank’s managing director Aditya Puri isn’t worried about the markets tanking. In fact, he’s optimistic that the banking sector will survive the current crisis despite the Indian stock markets hitting a lower circuit again today, March 23. As the <keyword id="722345" type="COMPANY" weightage="20" keywordseo="Nifty-bank">Nifty Bank</keyword> index also suffers from the pandemic, <keyword id="1455865" type="PERSON" weightage="20" keywordseo="HDFC-Bank-stock">HDFC Bank stock</keyword> lost 506 points in three months. 
 
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 As the equities markets are drying up, Puri said that the economy will land in a cash flow problem, in an interview with CNBC TV 18. Puri asserts that the crisis in the economy is not a case of companies failing. “This is a cash flow problem that should be helped by the government,” he said. 
 
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 Instead of just focusing on financial markets — the entire economy needs to be taken into account, Puri said. He expressed the need for an unscheduled interest rate cut, ahead of the monetary policy revision scheduled for April 3. In addition, the government should issue a directive to relax the terms of loan repayment. HDFC Bank is in a good position with $5 billion in cash: Puri Unlike many of its peers, HDFC Bank is not troubled by large loans given to troubled promoters, as over a <a href="https://economictimes.indiatimes.com/markets/stocks/news/can-hdfc-bank-become-a-corporate-play/articleshow/69034736.cms?from=mdr">half of its loans </a>are given to retail customers. Puri insists that HDFC Bank is in a good position with $5 billion in cash and nearly 80% of its loans given to AAA-rated companies. Majority of unsecured loans in the retail sector have been given to salaried employees. “This majorly comprises of good and strong corporates, and government employees. Repayments continue to remain healthy currently,” said UBS Global Research’s report. 
 
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 ‘Likely to see a dip in credit card spending’ Yet, Coronavirus is playing its part in derailing trade and that has had an impact. The bank did see a dip in credit card spending in March despite healthy levels in January and February, according to UBS' report. It could spell trouble for the largest issuer of credit cards in the market, which garners nearly 27% of the market share as of February 2020 — which has fallen from 30% in 2015. When it comes to online spending in particular, HDFC believes that there will likely be a dip due to the lockdown, which will restrain the movement of delivery personnel and take a toll on supply chains. Despite assurances, Bernstein — a global brokerage firm — downgraded HDFC Bank to underperform in the ‘pandemic driven environment’. “HDFC Bank's portfolio is most exposed to unsecured consumer credit risk versus peer private banks,” said the agency’s report. See also: <a href="https://www.businessinsider.in/finance/news/sbi-icici-bank-and-hdfc-bank-revise-banking-hours-and-services-to-fight-coronavirus-outbreak/articleshow/74766656.cms">SBI, ICICI Bank, and HDFC Bank revise banking hours and services to fight Coronavirus outbreak</a> <a href="https://www.businessinsider.in/business/news/hdfc-icici-ask-customers-to-go-digital-amid-coronavirus-outbreak/articleshow/74764081.cms">HDFC, ICICI ask customers to go digital amid coronavirus outbreak</a> <a href="https://www.businessinsider.in/business/news/coronavirus-wash-hands-after-handling-currency-notes-appeals-iba/articleshow/74758386.cms">Coronavirus: Wash hands after handling currency notes, appeals IBA</a>

It's a cash flow problem, we need an unscheduled rate cut: HDFC Bank managing director, Aditya Puri

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> on Saturday said its board has finalised three candidates, in order of preference, to succeed CEO and MD Aditya Puri, but did not disclose the names, saying they will be communicated to the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>. </li><li>Puri has been the head of the lender since its incorporation 25 years ago.</li><li>A media report in the run up to the board meet had mentioned the names of Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg as the ones who had made the cut.</li></ul>HDFC Bank on Saturday said its board has finalised three candidates, in order of preference, to succeed CEO and MD Aditya Puri, but did not disclose the names, saying they will be communicated to the RBI. Puri has been the head of the lender since its incorporation 25 years ago and has led it to be the largest and most valuable bank, on the back of a strict hold over asset quality. It is one of the most coveted jobs in the Indian banking sector and market watchers are keenly awaiting who will be the chosen appointee. The HDFC Bank board had appointed a search committee and also engaged external headhunters to help it zero in on a candidate. "The Board of Directors of the Bank has today (Saturday) finalised the names of three candidates, in the order of preference, for the position of the managing director and chief executive officer (MD &amp; CEO) of the bank," the bank informed the bourses in a statutory filing. It did not elaborate on who the three were. A media report in the run up to the board meet had mentioned the names of Sashidhar Jagdishan, Kaizad Bharucha and Sunil Garg as the ones who had made the cut. Jagdishan and Bharucha are internal candidates, while Garg is working with American banking major Citigroup. Garg is the chief executive of Citi Commercial Bank, while Jagdishan is an additional director who heads the finance, human resources, legal and secretarial functions at HDFC Bank, and Bharucha is an executive director responsible for wholesale banking. Earlier this month, the Reserve Bank had asked for the appointments of both Jagdishan and Bharucha to be kept in abeyance, asking for the new chief executive to take a call on it. Puri had recently told reporters that his successor will be announced before April. "...the recommendations are with the search committee and before April, an appropriate person who will take the bank into the future will be announced," he had told reporters over a conference call last month.

HDFC Bank board shortlists 3 preferences to succeed Aditya Puri, waits for RBI nod

New Delhi, Nov 28 () HDFC Bank on Thursday said it has formed a six-member committee to find a successor to Managing Director Aditya Puri who is set to retire in October next year.
 India's largest private sector lender HDFC Bank is on a global search to find a successor to the founding-chief executive Aditya Puri, as he would turn 70 next year.
 "The board of directors of the bank at its meeting held today has constituted a search committee to identify a successor to Aditya Puri, the current managing director of the bank, whose tenure ends on October 26, 2020," the bank said in a regulatory filing.
 The search committee will comprise Shyamala Gopinath, Sanjiv Sachar, M D Ranganath, Sandeep Parekh, Srikanth Nadhamuni and Keki Mistry representative of HDFC, the parent of the bank. Gopinath is the bank's chairperson.
 "The search committee, over the next few months, shall evaluate internal and external candidates to ensure smooth transition," the bank said.
 Puri will act as an advisor to the search committee, the bank said.
 It is noteworthy that Puri, the managing director and chief executive since 1994 when the bank was set up, has seen a whopping 41 per cent increase in total remuneration in 2019 to Rs 13.67 crore.
 He turns 70 next year and has been instrumental in getting the bank to its current stature as one of the most valued banks globally in terms of price to earnings ratio.
 Also there are reports that Puri, an ex-Citibanker, may continue as the non-executive chairman post retirement.
 Separately, the board of directors of the bank also approved appointments of Sashidhar Jagdishan and Bhavesh Zaveri as an additional directors and executive directors for a period of three years period each from November 28, 2019, subject to RBI approval. KPM SHW
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PNB Housing Finance shares hit upper circuit six days in a row, but the potential upside could be limited now

Rounak Jain

Former HDFC Bank CEO Aditya Puri and Carlyle will be among the new owners of PNB Housing Finance triggering an open offer

Rounak Jain

India's highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

Prerna Sindwani

Expectations from Modi's package - Here's what Raghuram Rajan, Amitabh Kant, and others expect

It's a cash flow problem, we need an unscheduled rate cut: HDFC Bank managing director, Aditya Puri

Prabhjote Gill

HDFC Bank board shortlists 3 preferences to succeed Aditya Puri, waits for RBI nod

PTI

HDFC Bank sets-up panel to find successor to managing director Aditya Puri

PTI

India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

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