PNB Housing Finance raises Rs 750 crore at 8.62% in NCDs
Key highlights
- PNB Housing Finance allotted Rs 750 crore of secured NCDs on November 13, 2026.
- The 75,000 NCDs have a face value of Rs 1 lakh each and carry an 8.62% annual coupon.
- Interest is due on January 7 in 2027, 2028, 2029 and 2030, while principal is due in full in 2030.
- The NCDs are secured by an exclusive charge on specific book debts with minimum 1-time coverage.
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PNB Housing Finance Limited allotted Rs 750 crore of 8.62% secured non-convertible debentures on November 13, 2026, with the full principal amount scheduled for redemption on January 7, 2030. The private-placement issue comprises 75,000 debentures of Rs 1 lakh each and is proposed to be listed on the National Stock Exchange of India’s Wholesale Debt Market segment.
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How did PNB Housing Finance raise Rs 750 crore?
PNB Housing Finance raised Rs 750 crore by allotting 75,000 listed, secured, rated, taxable and redeemable non-convertible debentures, or NCDs, on November 13, 2026. Each NCD has a face value of Rs 1 lakh, and the aggregate allotment approved by the company’s Management Committee was Rs 750 crore.
The Management Committee for NCD allotment approved the transaction under authority from the board of directors. PNB Housing Finance made the allotment through a private placement using the Electronic Book Provider platform of the National Stock Exchange of India Ltd., or NSE, to eligible investors.
The filing identifies the instruments as the 8.62% PNB Housing Finance 2030 Series LXXX NCDs. The stated issue terms classify them as listed, secured, rated, taxable and redeemable, with 75,000 instruments issued at a denomination of Rs 1 lakh each.
The November 13, 2026 allotment date is also the date from which PNB Housing Finance measures the stated tenure of 3 years, 1 month and 25 days. The company disclosed the Rs 750 crore transaction under Regulations 30 and 51 of the Securities and Exchange Board of India Listing Regulations.
What are the coupon rate and maturity of PNB Housing Finance’s NCDs?
PNB Housing Finance set the annual coupon at 8.62% and scheduled maturity for January 7, 2030. The maturity date is 3 years, 1 month and 25 days after the November 13, 2026 allotment, according to the terms disclosed for the Series LXXX NCDs.
The 8.62% rate is the coupon or interest offered on the Rs 750 crore issue. PNB Housing Finance’s filing presents this as a fixed annual coupon and specifies January 7 as the interest payment date in each year from 2027 through 2030.
The principal repayment structure differs from the annual interest timetable because the redemption amount is due in full only at maturity. PNB Housing Finance stated that the debentures will be redeemed in full on January 7, 2030, rather than through scheduled principal repayments in 2027, 2028 or 2029.
The issue therefore has four stated interest dates but one stated principal-repayment date. The first interest payment is scheduled for January 7, 2027, while the final interest payment and full redemption are both scheduled for January 7, 2030.
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When will PNB Housing Finance pay interest and principal?
PNB Housing Finance will pay interest on January 7 in 2027, 2028, 2029 and 2030, while it will repay the full principal on January 7, 2030. The payment schedule separates annual coupon servicing from the terminal repayment of the Rs 750 crore principal amount.
The first disclosed coupon date is January 7, 2027, followed by January 7, 2028 and January 7, 2029. The fourth and final disclosed interest date is January 7, 2030, which is also the maturity date for the 75,000 NCDs allotted on November 13, 2026.
PNB Housing Finance said the redemption amount shall be repaid in full at maturity under the term sheet. This means the outstanding principal is scheduled to remain payable until January 7, 2030, while the 8.62% coupon has annual due dates over the life of the instruments.
The disclosed timetable shows a difference between the periodic interest obligation and the redemption obligation. Interest is scheduled on four January 7 dates, whereas principal is scheduled only once, at the end of the 3-year, 1-month and 25-day tenure.
What security and listing terms apply to PNB Housing Finance’s NCDs?
PNB Housing Finance will create an exclusive charge over specific book debts with minimum security coverage of 1 time for the Rs 750 crore NCDs. The company has also proposed listing the instruments on the Wholesale Debt Market, or WDM, segment of NSE.
The security disclosed is an exclusive charge on specific book debts of PNB Housing Finance. The filing sets minimum security coverage at 1 time and does not identify the individual book debts covered by the charge.
The NCDs have no special rights or privileges attached to them, according to the November 13, 2026 filing. PNB Housing Finance also marked as not applicable the disclosure field covering letters or comments about payment or non-payment of interest or principal, security, or the related assets.
The terms include additional interest if a payment default occurs. If PNB Housing Finance defaults on interest or redemption of outstanding principal on a due date, it must pay additional interest of 2% per year over and above the 8.62% coupon for the period of default.
Conclusion
PNB Housing Finance has added Rs 750 crore of fixed-coupon secured debt through a private placement, with an 8.62% annual coupon and a January 7, 2030 maturity. The transaction combines four annual interest dates with a single full-principal repayment at maturity, while the disclosed collateral is an exclusive charge on specific book debts with minimum 1-time coverage.
The next disclosed events are the proposed WDM listing on NSE and the first coupon due on January 7, 2027. The final interest payment and the full redemption of the 75,000 NCDs are scheduled together for January 7, 2030.