Punjab National Bank to sell stake in housing finance firm, other units

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State-run Punjab National Bank (PNB) is selling part of its stake in PNB Housing Finance to global private equity firm General Atlantic Group and alternative investment firm Varde Partners for Rs 1,851.60 crore.

Ratings firm Ind-Ra today said PNB Housing Finance Ltd’s "strong linkages" with its parent Punjab National Bank is likely to remain strong even after the reduced shareholding post the initial public.

PNB Housing Finance was incorporated under the Companies Act, 1956 and commenced its operations on November 11, 1988 as a wholly owned subsidiary of Punjab National Bank (PNB). On December 9, 2009 PNB entered into a strategic partnership with Destimoney Enterprises Private Limited (DEPL) [5] and sold its 26% stake to DEPL.

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These financial investments, estimated to be worth over Rs 1,200 crore (Rs 12 billion), include purchase of shares of six banks – three each from the public and private sectors –and one housing.

Reliance Group chief Anil Ambani is looking to either sell. Bank of Baroda had an exposure of close to Rs 6,500 crore to.

 · Last month state-run Punjab National Bank announced that it will sell 13 per cent stake in PNB Housing Finance for Rs 1,850 crore (USD 270 million) to.

It hopes to sell a 15% stake, valuing the New Delhi-based firm at more than $500 million. to filter through from financial services. PNB Housing Finance, a division of state-run Punjab National.

After staging a turnaround in third quarter, Punjab National Bank (PNB) returned to red with net loss. and was headed for its first session of decline in five, while Housing Development Finance.

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Punjab National Bank looks up sell shares in PNB housing finance unit December 12, 2017 December 12, 2017 Boobalan 0 Comments business , PNB Mumbai: State-run Punjab National Bank (PNB) is looking to sell up to 10% in its housing finance unit, managing director and chief executive officer (CEO) Sunil Mehta said.

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The ministry is keeping a tight watch on the bank’s performance so as not to let the bank slip into further mess. New Delhi: The finance ministry is hopeful of Punjab National Bank. and his uncle.

On Friday, state-run Punjab National Bank (PNB) said in a regulatory filing that it will be selling a part of its stake in PNB Housing Finance to General Atlantic and Varde Partners for Rs 1,851.