PNB Housing Finance Ltd said its board of directors has approved a capital raise of up to Rs 4,000 crore led by entities affiliated to Carlyle Group Inc.

The key objective is to augment capital adequacy, reduce gearing and accelerate growth with a focus on retail housing including self-employed and affordable housing loans like the Unnati segment. Pluto Investments Sarl, an affiliated entity of Carlyle Asia Partners IV LP and Carlyle Asia Partners V LP, has agreed to invest up to Rs 3,185 crore through a preferential allotment of equity shares and warrants at a price of Rs 390 per share. Existing shareholders of the company, funds managed by Ares SSG and General Atlantic are also participating in the capital raise.

 PNB will continue to be the promoter and a key stakeholder in the company. As part of the transaction, Salisbury Investments Pvt Ltd - the family investment vehicle of Aditya Puri who is Senior Advisor for Carlyle in Asia - will also invest in the capital raise. Puri is expected to be nominated to the PNB Housing Finance Board as a Carlyle nominee director in due course.

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