PNB Housing Finance Shares Up On Buying Stakes In PNB

Punjab National Bank (PNB) on Friday said in a regulatory filing that it will be selling a part of its stakes in PNB Housing Finance Limited to General Atlantic & Varde Partners for Rs1,851.60-crore.

General Atlantic Group, which holds 9.91% in PNB Housing Finance, and American investment firm Varde Partners bought 10,891,733 equity shares each of PNBHF at Rs.850 per share for a total of Rs. 1,851.60 crore, on Friday.  The deals are subject to satisfaction of customary conditions, regulatory approvals, PNB said. 

Shares of PNB Housing Finance were trading 4.36% higher at Rs864.65 per share on NSE, while shares of PNB gained 0.52% at Rs95.85 on NSE around 3.10pm on Friday.  In comparison, Sensex traded at 38674-mark up 128points and Nifty up 54points at 11624.35