Shares of PNB Housing Finance jumped over 6% in early trading on August 21, following a significant block deal where 1.39 crore shares, equivalent to a 5% stake in the company, were traded. The likely seller is General Atlantic Singapore Fund, a private equity investor.
Although the exact parties to the transaction were not immediately known, a report by CNBC-TV18 on August 20 said General Atlantic Singapore Fund FII Pte Ltd would offload its entire 5.1 percent stake in PNB Housing Finance and was aiming to raise about Rs 1,032.7 crore.
By 09:20 am, PNB Housing Finance shares were trading at Rs 861.85 on the NSE—upwards of the closing price of Rs 852.30 on Friday—indicating the market’s response to the deal.
This is the latest in a list of major share transactions concerning PNB Housing Finance in recent months. In July alone, 13.1 percent stake was sold by Quality Investment Holdings PCC—a vehicle backed by Carlyle Group—for Rs 2,642 crore. At the same time in July, Asia Opportunities V (Mauritius) and General Atlantic Singapore Fund FII together sold a 5.2 percent stake. The strong financial performance of PNB Housing Finance shows in its nearly 25% year-on-year growth in net profit for the June quarter to Rs 433 crore. Total disbursements of the company rose by 19 percent at Rs 4,398 crore, with an increase of 4% in net interest income at Rs 651 crore.
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Source: Moneycontrol
News Desk
