Carlyle Group is looking to double its holding in PNB Housing Finance, reported Financial Express, citing people familiar with the matter, who said that the American private equity firm was considering buying Punjab National Bank’s (PNB) shares in PNB Housing.
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The sources told FE that buying PNB's shares in the company would give Carlyle a controlling stake.
Earlier, PNB and Carlyle had invited bids to sell their stake in PNB Housing, however, the latter considered increasing its holding after valuations for the housing finance company became attractive, sources told the paper, adding that the discussions were at an early stage and that others had also expressed interest in the stake.
PNB Housing was among the severely affected lenders after a series of defaults brought investor confidence in the sector down.
According to the report, PNB’s 32.8 percent stake was valued at about $745 million as of close of trade on December 17.