PNB Housing Finance allots ₹500 crore NCDs at 8.135% coupon
- PNB Housing Finance allotted 50,000 NCDs aggregating ₹500 crore on September 17, 2026
- Coupon rate fixed at 8.135% p.a. with annual interest payments and full principal repayment at maturity on September 17, 2031
- NCDs are secured by an exclusive charge on specific book debts with minimum security coverage of 1 time
- Allotment made via private placement on NSE's EBP platform; NCDs to be listed on NSE's Wholesale Debt Market segment
- Default clause stipulates an additional 2% p.a. interest over the coupon rate for any defaulting period
*this image is generated using AI for illustrative purposes only.
PNB Housing Finance allotted 50,000 Non-Convertible Debentures (NCDs) aggregating ₹500 crore on September 17, 2026, carrying a coupon of 8.135% per annum and maturing on September 17, 2031.
NCD allotment details
The allotment was made through private placement via the Electronic Book Provider (EBP) platform of NSE. The NCDs are proposed to be listed on the Wholesale Debt Market (WDM) Segment of the National Stock Exchange of India. The following table summarises the key terms of the issuance:
| Parameter | Details |
|---|---|
| Number of NCDs allotted | 50,000 |
| Face value per NCD | ₹1,00,000 |
| Aggregate amount | ₹500 crore |
| Series | 8.135% PNB Housing Finance Limited 2031 Series LXXVIII |
| Coupon rate | 8.135% p.a. |
| Tenure | 5 years |
| Date of allotment | September 17, 2026 |
| Date of maturity | September 17, 2031 |
| Listing | NSE Wholesale Debt Market (WDM) Segment |
Security and repayment structure
The NCDs are listed, secured, rated, taxable, and redeemable instruments. Security is provided through an exclusive charge on specific book debts of PNB Housing Finance, with a minimum security coverage of 1 time. No special rights or privileges are attached to the debentures.
The repayment structure is as follows:
| Payment type | Schedule |
|---|---|
| Principal repayment | September 17, 2031 |
| Interest payment dates | September 17, 2027; September 17, 2028; September 17, 2029; September 17, 2030; September 17, 2031 |
In the event of a default in payment of interest or redemption of the outstanding principal, an additional interest of 2% p.a. over and above the coupon rate shall be payable by the company for the defaulting period. The redemption amount shall be repaid in full at maturity on September 17, 2031.
The disclosure was made pursuant to Regulation 30 and 51 read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE572E01012/dbd1784a-2829-42c4-b3da-558ecfd5856f.pdf
Historical Stock Returns for PNB Housing Finance
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.69% | -3.37% | -4.09% | +43.92% | +32.80% | +109.65% |
How does the 8.135% coupon rate compare to current market benchmarks for similar AAA-rated housing finance NCDs, and what does this imply about PNB Housing's cost of capital?
What specific strategic initiatives or loan book expansions is PNB Housing Finance likely funding with this ₹500 crore capital raise?
Given the 5-year tenure, how might shifting interest rate cycles between 2026 and 2031 impact the refinancing risk for investors holding these debentures?
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