InvestorQ : Why has the stock of PNB Housing been rallying so sharply in the last few days?
sara Kunju made post

Why has the stock of PNB Housing been rallying so sharply in the last few days?

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Mary Joseph answered.
2 months ago
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Carlyle, the global private equity investor, may be taking a major stake in PNB Housing. This is the housing finance affiliate of Punjab National Bank. In fact, a group of investors led by Carlyle will raise up to Rs.4,000 crore for PNB Housing. Carlyle has already invested Rs.3,185 crore via preferential allotment of warrants to PNB Housing. Apart from Carlyle, even the family office of former HDFC Bank CEO, Aditya Puri, has also invested in the company.

PNB Housing stock was on upper circuit at Rs.525 on Monday gaining a full 20%. PNB Housing is incidentally the fourth largest housing finance company in India in terms of loan assets of Rs.62,255 crore but it ranks second among the housing finance companies in terms of its deposit base of Rs.17,129 crore. The deal is likely to trigger an open offer and is part of the requirement to offer exit to 26% of shareholders.

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