Locked up in upper circuit over 3 session PNB Housing Finance is up a whopping 300% from it’s one year low.
So what’s keeping traders buzzing on the mortgage lender?It’s the entry of Carlyle and veteran banker Aaditya Puri as controlling investors that is scripting this turnaround for the housing finance company
Aditya Puri-led Salisbury Investments and Carlyle will invest up to Rs 3,185 crore in the housing finance company through a preferential issue priced at Rs 390 per share, they will make an open offer for a further 26 per cent stake in the housing finance company as well with a floor price of Rs 409/share. Aaditya Puri will also be joining the board of PNB Housing Finance.
The coming in of new investors will also lead to legacy bank PNB reducing it’s stake in the business to 20% which opens up the possibility of rebranding and withdrawing from the PNB brand umbrealla for the housing finance firm.