New Delhi: Foreign investors General Atlantic and Pioneer Investment Fund on Wednesday pared a 5.37 per cent stake in PNB Housing Finance for Rs 1,119 crore via open market transactions while the Monetary Authority of Singapore, Goldman Sachs and Morgan Stanley picked up a stake in the company. PNB Housing is an arm of state-run lender Punjab National Bank.
According to the block deal data available on the BSE, General Atlantic, through its arm General Atlantic Singapore Fund FII, sold 1,33,25,074 shares or 5.13 per cent stake in PNB Housing Finance. In addition, Pioneer Investment Fund also offloaded 6.23 lakh shares, amounting to a 0.24 per cent stake in the housing finance company.
The shares were disposed of at an average price of Rs 802.5 apiece, taking the combined transaction value to Rs 1,119.33 crore. After the stake sale, private equity firm General Atlantic exited PNB Housing Finance by selling its entire 5.13 per cent stake in the housing finance company. Meanwhile, Pioneer Investment Fund's shareholding in PNB Housing Finance has declined to 1.49 from 1.73 per cent.
DSP Mutual Fund (MF), Aditya Birla Sun Life MF, HSBC MF, ICICI Prudential MF, Nippon India MF, 360 One Asset Management, ICICI Prudential Life Insurance, HDFC Life Insurance, Societe Generale, and Citigroup Global Markets Mauritius were the buyers of PNB Housing Finance's shares.
Canadian Crown corporation Public Sector Pension Investment Board and Nomura Singapore were also among the buyers of PNB Housing's shares. The scrip of PNB Housing Finance rallied 10.23 per cent to close at Rs 893.45 apiece on the BSE.
PNB Housing Finance has witnessed several stake sales in recent months. In July, private equity firm Carlyle Group divested a 13.1 per cent stake in the lender for Rs 2,642 crore. In May, Asia Opportunities V (Mauritius) and General Atlantic divested a cumulative 4.46 per cent stake in PNB Housing Finance for Rs 843 crore.
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