PNB Housing Finance: Societe Generale Buy Shares After Two FPIs Cut Stake Worth Rs 844 Crore

French investment bank Societe Generale mopped up shares worth Rs 94.8 crore in PNB Housing Finance Ltd., after two prominent foreign portfolio investors pared their stake in the non-bank lender through open market deals on Wednesday.

Asia Opportunities V (Mauritius) Ltd. and General Atlantic Singapore Fund FII Pte. offloaded over 58 lakh shares (2.23% equity) each for an aggregate amount of Rs 844 crore, according to bulk deal data on the BSE. The shares were sold at an average price of Rs 727.36 apiece.

Societe Generale acquired over 13 lakh shares for Rs 724.55 apiece.

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

Even before this, Singapore-based 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, when the investor offloaded more than 2.56 crore shares.

Shares of PNB Housing Finance ended 6.69% lower at Rs 735.85 apiece, as compared with a 0.89% decline in the benchmark BSE Sensex.