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Seven bidders submit offers to acquire PNB Housing Finance, says report

Seven bidders submit offers to acquire PNB Housing Finance, says report
Seven bidders have submitted their non-binding offers to acquire PNB Housing Finance in a deal likely to be around $2.3 billion, The Times of India reported.
The list of suitors who submitted their initial bids on Monday, included Godrej, Bandhan Bank, Dewan Housing Finance and a consortium led by GIC of Singapore and Blackstone, the report said.
The bids are likely to be opened later this week and may have come between a 10 and 12 percent premium in accordance to the prevailing share price, sources told TOI. The offers are expected to value the housing mortgage lender closer to Rs 24,000 crore.
However, PNB Housing shares have lost some momentum in the past week due to weak market sentiments on falling rupee and rising crude prices. The shares closed at Rs 1,301 apiece on Tuesday, giving it a market capitalisation of more than Rs 21,000 crore ($3 billion).

Market Movers

CompanyPriceChng%Chng
SBI Life Insura1,076.65 26.20 2.49
Bajaj Finserv13,525.05 323.85 2.45
Hindalco400.05 8.30 2.12
Divis Labs4,921.15 96.40 2.00
UltraTechCement7,616.70 126.40 1.69
CompanyPriceChng%Chng
Bajaj Finserv13,525.35 324.75 2.46
UltraTechCement7,605.05 116.10 1.55
Sun Pharma703.55 9.55 1.38
Titan Company1,722.55 21.90 1.29
Tata Steel1,298.10 16.20 1.26
CompanyPriceChng%Chng
SBI Life Insura1,076.65 26.20 2.49
Bajaj Finserv13,525.05 323.85 2.45
Hindalco400.05 8.30 2.12
Divis Labs4,921.15 96.40 2.00
UltraTechCement7,616.70 126.40 1.69
CompanyPriceChng%Chng
Bajaj Finserv13,525.35 324.75 2.46
UltraTechCement7,605.05 116.10 1.55
Sun Pharma703.55 9.55 1.38
Titan Company1,722.55 21.90 1.29
Tata Steel1,298.10 16.20 1.26

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.41750.01750.02
Euro-Rupee87.71800.11200.13
Pound-Rupee102.68600.37400.37
Rupee-100 Yen0.67440.00140.21