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Private equity firm Carlyle may sell up to 5% of its stake in PNB Housing Finance in one go, CNBC-Awaaz reported on July 29, citing sources.
Carlyle is looking to sell shares worth Rs 1,000 crore and the reference price is expected to be in the range of Rs 750-760 per share, the channel reported. At the higher end of the price band, it would represent a 4.5% discount to the last trading price on Monday, July 29.
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IIFL is likely to act as intermediary in the deal.
PNB Housing Finance shares are almost flat year-to-date, up just 1.14%, but up 25% over the past one year. The stock is down 13% from its 52-week high of Rs 913.70.
As per the latest shareholding pattern for the June quarter, promoters’ holding remains unchanged at 28.13%, while mutual funds have increased their holding in the company from 3.37% to 5.86% in the June quarter. FIIs and FPIs have reduced their holding in the company’s shares from 25% to 17.89% in the June quarter.
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PNB Housing’s June quarter results can be found here.
Over the past year or so, PNB Housing has shifted its business model towards retail and reduced the share of corporate loans in its AUM. The company now aims to grow affordable housing lending as part of its total retail lending in the medium term.
