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PNB Housing Finance locked in 5% upper circuit as Baring PE Asia offers to buy Carlyle's stake

PNB Housing Finance locked in 5% upper circuit as Baring PE Asia offers to buy Carlyle's stake

PNB Housing Finance locked in 5% upper circuit as Baring PE Asia offers to buy Carlyle's stake
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By CNBCTV18.com Nov 29, 2021 10:56 AM IST (Published)

PNB Housing Finance shares were locked in the 5 percent upper circuit at Rs 524.75 on Monday after CNBC-TV18 reported that Baring Private Equity Asia has offered to buy Carlyle's stake in the company.

PNB Housing Finance shares were locked in the 5 percent upper circuit at Rs 524.75 on Monday after CNBC-TV18 reported that Baring Private Equity Asia has offered to buy Carlyle's stake in the company.

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PNB Housing Finance has been gaining for the last three days and has risen nearly 16 percent during the period.
Sources with direct knowledge told CNBC-TV18 that Baring Private Equity Asia has offered to buy Carlyle's stake in PNB Housing Finance and give it an exit from the investment.
Earlier, Carlyle's deal to buy the controlling stake in PNB Housing Finance was foiled due to corporate governance issues and valuation concerns.
However, if General Atlantic and SSG, who are also investors in the company sell their shares to Baring Asia, the company could own a controlling stake and may trigger an open offer if the talks materialise.
Presently, Carlyle owns 32.2 percent stake, while General Atlantic and SSG own about 10 percent stake each in PNB Housing Finance.
Last month, the company said it has decided not to proceed with the Rs 4,000-crore capital infusion deal led by Carlyle as a legal battle will not be in the best interests of the company and its stakeholders.
The housing finance lender's Managing Director and CEO, Hardayal Prasad, said earlier this month that pulling out from the Rs 4,000-crore Carlyle-led deal was a conscious choice as the company did not want to entangle in a protracted legal battle and lose focus on the lending business.
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