Two FPIs Likely To Sell PNB Housing Finance Shares Worth Rs 834 Crore

Two foreign portfolio investors of PNB Housing Finance Ltd. are looking to sell a stake worth Rs 834 crore on Thursday through a block deal.

Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte will sell about 5.4 million shares each on Thursday, according to terms of the deal obtained by Bloomberg. The floor price for the sale of the stake has been set at Rs 773, which is an 8% discount to the previous close of Rs 840.

BNP and UBS are joint placement agents for the sale of stakes.

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

Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte, on May 29, divested over 58 lakh shares (2.23% equity) each for an aggregate amount of Rs 844 crore. The shares were sold at an average price of Rs 727.36 apiece.

In January 2024, Singapore-based Investment Opportunities V sold its entire 9.88% stake in PNB Housing Finance for Rs 2,106 crore.

PNB Housing Finance said on Tuesday in an exchange filing that its board has approved raising Rs 10,000 crore from non-convertible debentures to fund its business growth.

The fund would be raised through NCDs on a private placement basis, in one or more tranches.

The shares of PNB Housing Finance closed 3.12% lower on Wednesday at Rs 837.85 per share. This compares to a 0.18% decline in the NSE Nifty 50 Index.