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    PNB sells stake in arm PNB Housing Finance for Rs 1,851 crore; shares up 2%

    PNB sells stake in arm PNB Housing Finance for Rs 1,851 crore; shares up 2%

    PNB sells stake in arm PNB Housing Finance for Rs 1,851 crore; shares up 2%
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    By CNBC-TV18  IST (Updated)

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    Punjab National Bank Housing Finance and Punjab National Bank (PNB) rose over 2 percent each in early-morning deals on BSE after the bank sold 12.92 percent stake in the arm. 

    Punjab National Bank said it has agreed to sell part of its stake in unit PNB Housing Finance to global private equity firms General Atlantic Group and Värde Partners for a total consideration of about Rs 1,851 crore.
    PNB has entered into agreements to sell 10,891, 733 shares to General Atlantic Group and 10,891,733 shares to Värde Partners at a price of Rs 850 per share, said the company in a regulatory filing.
    PNB Housing shares jumped 2.9 pecent to Rs 850 per share, while PNB shares rose 2.2 percent to Rs 97.5 per share on the NSE following the announcement.
    Post the transactions, PNB will hold a stake of 19.78 percent in PNB Housing.
    At 10:56 AM, PNB Housing Finance was up nearly 1 percent, while PNB shares rose 0.4 percent. The benchmark Nifty 50 was trading 0.08 percent up at 11,579.65.
    In December last year, the bank revived its plans to cash out of the venture after the stock hit a 52-week low of Rs 850 on the BSE last October.
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