InvestorQ : Why PNB is all set to sell equity shares of PNB Housing Finance. to General Atlantic Group?
vidhya Laxmi made post

Why PNB is all set to sell equity shares of PNB Housing Finance. to General Atlantic Group?

Answer
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Rishita Das answered.
1 year ago


On 29th March Friday, Punjab National Bank (PNB) will partly sell the stake in PNB Housing Finance to global private equity firm General Atlantic Group.

This act of selling shares is due to the new agreement between the parties. According to the agreement, PNB will sell around 1,08,91,733 equity shares held in PNB Housing Finance Ltd (PNBHF) to General Atlantic Group. This equity share will is priced at Rs 850 per share, which is aggregating to Rs 925.80 crore.
However, after these transactions, PNB will continue to hold its stake of 19.78 % of the paid up capital of PNBHF. PNB will also be its promoter and strategic shareholder.

On 29th March 2019, shares price of PNB Housing Finance closed at Rs.866.40. while shares of PNB were trading with gains of 0.50-0.52% at Rs 95.85 on BSE. (Source- IIFLmarket.com)