PNB Housing Finance Set For Rs 500-Crore Stake Sale In Block Deal

Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte. are looking to sell their stake valued at around Rs 500 crore in PNB Housing Finance Ltd. in a block deal.

The foreign funds are looking to offload 1.3% stake each, leading to a combined 2.68% stake sale in PNB Housing Finance, according to a term sheet reviewed by NDTV Profit.

The floor price is set at Rs 717 per share, which is at a discount of 9% to the last close of Rs 787.8 per share.

The deal comprises 69,60,468 shares. The offering type is 100% secondary placement, according to the term sheet.

As of March 2024, Asia Opportunities V (Mauritius) held 9.88% stake in the housing finance company and General Atlantic Singapore Fund held 9.82%.

The term sheet also mentioned that BNP Paribas Securities India and UBS Securities India are the advisors on the proposed block trade, which is expected on Wednesday.

Even before this, the Singapore-based investor Investment Opportunities V had sold its entire 9.88% stake in PNB Housing Finance for Rs 2,106 crore. The clean-up trade took place in January, where the investor offloaded more than 2.56 crore shares.

UBS Securities declined to comment on the queries shared by NDTV Profit, while those sent to PNB Housing Finance and BNP Paribas did not elicit a response till the time of publishing this story.