PNB to sell 12.92% stake in Housing Finance | Editorji
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PNB to sell 12.92% stake in Housing Finance

Mar 29, 2019 18:50 IST

Punjab National Bank on Friday announced that it will sell 12.92% stake in PNB Housing Finance to private equity firms General Atlantic and Verde Partners for a total amount of ₹1,852 crore. Fraud-hit PNB, looking to strengthen its capital base, offered 6.46% stake or 1.09 crore shares each to the firms at ₹850 per share. After the transaction, PNB will retain strategic 19.78% stake in the Housing Finance arm. PNB shares surged 2.3% to trade at 11-month high after the stake sell was announced.