New Delhi, Nov 24 (PTI) PNB Housing Finance on Friday said its board has approved a proposal to raise Rs 3,500 crore via non-convertible debentures (NCDs) to fund business growth.

The NCD will be raised on a private placement basis, PNB Housing Finance said in a regulatory filing.

The fund will be raised in tranches over the next six months, it said. PTI DP DP BAL BAL